The head of the Digital Currency Research Department at the People's Bank of China, Yao Qian, said that the financial regulator should issue its own cryptocurrency as soon as possible, which would serve as legal tender. It is reported by the South China Morning Post.
According to the expert, such a step will reduce transaction costs and develop the sphere of financial services in remote areas of the country. In addition, the national cryptocurrency will increase the effectiveness of the monetary policy of the People's Bank.
The development of digital economy needs central bank-issued electronic currency more than ever. It’s crucial to speed up the research and issuance.
Head, Digital Currency Research Department at the People's Bank of China
This news looks interesting on the background of China's ICO and cryptoexchanges ban.