CBC says it wants to speed up the national digital currency project

Central Bank of China digital currency

China’s central bank has mentioned that it will be seeking alternative methods to speed up the adoption of a nationalized digital currency in order to somehow combat Facebook’s Libra.

The announcement was made on August 2nd, right before authorities convened behind closed doors through a video conference. Post-conference we are aware that a specific task force will be dedicated to monitoring cryptocurrency trends all over the world while the bank is in search of technology providers to build the platform.

Naturally, whatever Facebook makes, China will have far superior resources and capabilities to overtake their influence on the Chinese market, which could potentially prompt Libra’s executive team to give up on such a large market.

The CBC outlined very clearly that their nationalized digital currency will have absolutely nothing to do with cryptos, it’s not even clear if they will use the blockchain for this project, but the People’s Republic of China’s stance towards cryptos seems to have not changed one bit.