Fintech

China’s blockchain seen as a push for greater control

The PBOC's plans to issue a cryptocurrency to replace fiat currency is seen as a move to regulate cash flow and to clamp down further on shadow banking. A policy adviser also couldn't resist a swipe at Facebook's Libra.

The People's Bank of China could be the first central bank in the world to roll out its own cryptocurrency, director Huang Qifan from China Center for International Economic Exchanges said at a summit in Shanghai on Monday. 

Huang’s comment comes after President Xi Jinping confirmed on October 25 that “blockchain plays an important role in technology and industrial transformation”. 

These moves are a clear sign that China is pushing blockchain technology at the state level. Once the central bank’s cryptocurrency is launched, PBOC will be able to see exactly how money flows around the market.

It will strengthen central...

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