Chinese Central Bank Calls for Digital Currency R&D, Will Combat Refusal to Accept Cash

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The People’s Bank of China (PBOC) says it is driving further research and development of digital currencies, while also calling for measures to address the problem of Chinese businesses refusing to accept payments in cash.

At the 2019 National Currency Gold and Silver Work Committee (2019年全国货币金银工作会议) convened in the Fujian province city of Xiamen, PBOC deputy governor Fan Yifei (范一飞) said that the Chinese central bank would advance research and development of digital currencies, as well as strengthen the monitoring and regulation of virtual currencies.

PBOC also said it would establish long-term effective mechanisms to rectify refusal to accept cash, improve cash machine management mechanisms, and further drive anti-counterfeit currency work.

PBOC revealed in early 2018 that it had established the Digital Currency Research Institute with the approval of the State Council, for the purpose of developing a Digital Currency/Electronic Payment (DC/EP) system.

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