China's digital currency will create a 'horse race' when it is la...
HONG KONG - China’s digital currency will create a “horse race” when it is launched as commercial banks and other institutions compete to provide the best services using the new form of money, a central bank official said on Wednesday.
Akin to Facebook’s proposed Libra digital currency and other cryptocurrencies such as bitcoin, the Digital Currency Electronic Payment project will be powered partially by blockchain technology. “The front runner will take the whole market - who is more efficient, who can provide a better service to the public - they can survive in the future.”
While the project has some similarities to Facebook’s Libra, it seems likely to allow Chinese regulators even closer oversight over money flows than they currently have.
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