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China hopes to launch its virtual currency

Friday, January 22, 2016

The central bank in China (People's Bank of China - PBOC) is looking into the possibility of launching its own virtual currency, after having done research on digital currencies since 2014. According to TheRegister, the bank considers that the introduction of a virtual currency would reduce money laundering and tax evasion, while also making economic activity more transparent. PBOC is now working on drafting strategic objectives for this to happen, as well as on overcoming technological barriers.

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E-Money and virtual currencies

The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing (by adding to) our experience of mutual interaction. Looking back in history of the Internet we can conclude that public-key cryptography and digital signatures make e-money possible.

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