Chinese Central Gov’t Wants to Create ‘Digital Asset Exchanges’ as CBDC Nears
China’s policy-forming State Council has announced that it wants the nation to launch Beijing-based digital asset exchanges to power the adoption of its forthcoming central bank digital currency (CBDC) project, the digital yuan.
The council called upon financial bodies to speed up the pilots for the digital yuan and asked commercial banks in the nation to prepare for the imminent start of transactions with the People’s Bank of China (PBoC)-issued token.
Per a council document published today, as well as a Bloomberg report, the policy-making body wants to ramp up the pressure on those still making use of cryptoassets – effectively clearing the path for the digital RMB by ensuring it is the only digital player in town when it debuts next year.
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