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China working to issue digital currency

China is working to issue a digital currency as soon as possible, according to People’s Bank of China. The central bank said the currency could reduce the costs involved in circulating banknotes, facilitate economic activities and help combat money-laundering. A virtual currency would also help the bank improve control of the money supply and payment efficiency, it said. Bank of Communications chief China strategist Hao Hong said China’s attitude towards digital currency had been shifting. The central government came out sharply against Bitcoin in 2013, forbidding payment companies from accepting it. It later relented somewhat, and allowed Bitcoin exchanges, but banks must still give it wide berth.

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