It’s unclear what the new group’s mission will be, though People’s Bank of China employees working on its digital currency efforts will be involved.
From privacy to political power, China’s digital yuan will have far-reaching implications.
The wider effort to promote the digital currency precedes a launch in the “near future,” per a state media report.
“The PBOC that is not criticized by the public will not withstand the test of history,” the current head of the central bank says. Zhou Xiaochuan’s legacy – the digital yuan – was sidelined, until it became necessary.