I reckon the People's Bank of China's does not appear to understand what the cryptospace is if their plan to sideline bitcoin is to issue a restrictive digital form of fiat. It will only be another token pegged to fiat that is similar to USDT. However, more dangerous.
The Peoples Bank of China, the countrys central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOCs ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals private lives.
The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
The project was started by the former governor of Chinas central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.
Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin
The Peoples Bank of China, the countrys central bank, plans to introduce a digital currency of its own. But unlike the decentralized blockchain-based offerings, this one could give Beijing more control over its financial system. It would enhance the PBOCs ability to root out risks and crack down on money laundering. It could also give the government an unprecedented window into individuals private lives.
The currency would initially replace cash, PBOC Deputy Governor Fan Yifei wrote in an article earlier this year. According to patents registered by the central bank, consumers and businesses would download a mobile wallet and swap their yuan for the digital money, which they could use to make and receive payments. Crucially, the PBOC could also track every time money changes hands. Fan suggested in his article that banks would need to submit daily information on transactions and that there would be caps on transactions by individuals. The PBOC declined to comment.
The project was started by the former governor of Chinas central bank, Zhou Xiaochuan, who retired in March. He decided to develop the digital currency in part to protect China from having to adopt a technology standard, like Bitcoin, designed and controlled by others.
Read in full https://www.bloomberg.com/news/articles/2018-12-13/china-s-plan-to-sideline-bitcoin
lets just say RMB goes digital in short.