Will China’s appetite for e-money overcome regulatory restrictions? China is poised to join the ranks of countries with their own sovereign-backed digital currency platforms, with this new medium expected to be leveraged to combat money laundering and tax transparency issues. The People's Bank of China (PBOC) successfully completed a test application of a blockchain-supported digital currency developed on transactions and settlements of bank acceptance bills in December. The central bank has also announced plans to launch a digital currency research institute to develop big data systems, cryptography and blockchain technology.
February 23 2017