China wants to launch its own digital currency

Tashkent, Uzbekistan (UzDaily.com) -- China wants to launch its own digital currency to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply, the People’s Bank of China (PBOC) said on Wednesday.

A PBOC research team set up in 2014 to look into digital currencies should make preparations for launches, the statement said.

It added that the team should set up a clearer strategic target for launching digital currencies, overcome the key technological barriers ... and aim for an early launch of the central bank’s digital currencies.

Virtual currencies can also help boost transparency of economic activities and curb money laundering and tax evasions, the bank said.