China Well On Track To Develop A Digital Currency Of Its Own

China’s central bank is developing a digital currency of its own. In 2014, the People’s Bank of China assembled a research team, and the team has already conducted trials of its prototype crypto-currency. This pushes it closer to its goal of becoming one of the first major central banks to issue digital money which can be used for all kinds of purchases, including goods and services, according to Bloomberg.

China develops its own digital currency

Online payments have been well embraced by the Chinese people, even for low-priced products. At Lunar New Year gatherings, people in the country prefer to exchange money via...