China Must Issue Nearest Sovereign Digital Currency 'As Fast as Possible': PBoC Researcher

@xiti - A leading Chinese researcher has urged the People's Bank of China (PBoC) - the country's central bank - to adopt the state-backed digital currency "as soon as possible".

Huang Zhen, a researcher at Central University of Finance and Economics, published this recommendation on the PBoC's own Financial News.

After providing a survey of recent PBoC measures to reduce initial coin offerings (ICO) and bitcoin exchanges, Huang said he expects the bank to launch its own digital currency of sovereignty under the auspices of the central bank as soon as possible, rough translation. He stated:

After this round of virtual money markets ... surveillance, we hope to launch our sovereign digital currency under the auspices of the central bank as soon as possible ... to continue to lead the development of global digital finance as soon as possible into the era of globalization

Indeed, this is not surprising at all. While there is no central bank officially issuing the state-backed digital currency, many are examining it. On Monday, CCN reported that the central government of India had discussed the issue of a nationally-backed digital currency, which might be named "Lakshmi" after the goddess of Hindu wealth and prosperity.

Also on Monday, the Bank for International Settlements (BIS) - the central bank's central bank - published a 14-page report detailing the forms that

"Fedcoin" can take. BIS concludes that while the state-backed digital currency debate is most urgent in countries that like cash like Sweden, "all central banks must ultimately decide whether issuing crypto mercury or wholesale [sovereign sovereignty] makes sense in their own context."

In part, China has set up its own digital currency research institute, and Huang's comments echoing that issued by PBoC last year:

The digital currency team ... should clarify the strategic goals of digital currency central bank publishing, meticulous search technology, research of various applications for digital currencies to help central banks introduce digital currencies as soon as possible.

Of course, crypto sovereignty of sovereignty will look very different from bitcoin and its decentralized supporters. With intelligence, it is almost certain to retain some of what is in the community of cryptoes, which is considered the most unclean characteristic of the currency currency: centralized control and infinite inflation.