Yuan-coin! China confirms its digital currency is ready

A senior official at China's central bank announced on Saturday the country will soon roll out its own sort of cryptocurrency.

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A senior official at China's central bank announced on Saturday the country will soon roll out its own sort of cryptocurrency.

While there are few details beyond the fact that the coin will not be entirely based on blockchain, the official said the "People's Bank digital currency can now be said to be ready."

That comes at a significant time. A People’s Bank of China official has said Facebook’s Libra has forced the institution to step up creation of its own digital currency — a move central banks around the world are also exploring. The Asian country’s formerly dismissive attitude toward Bitcoin has been shifting.

Let’s not forget, though: a central bank digital currency will likely be no different from Facebook’s Libra — cryptocurrency only in name.

In a country accused of overwhelming electronic surveillance, and where personal privacy is increasingly being eroded, a government digital currency might just be really scary.

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