People's Bank of China to develop own cryptocurrency

Yao Qian, head of the Digital Currency Research Department at the People's Bank of China says that PBOC needs to issue own cryptocurrency
07 November 2017   1830

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.
 

Yao Qian

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.

 

Wirex to Issue 26 Stablecoins on XLM Blockchain

Wirex chosen Stellar blockchain because company considers it safe, easily scalable and relatively inexpensive to use
25 April 2019   88

British online banking platform Wirex has announced the listing for the XLM token, as well as the release of 26 stablecoins on the Stellar blockchain, pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD.

Prior to this, Wirex card supported eight digital assets and ten fiat currencies.

In addition, Wirex added the ability to instantly convert steablecoins to each other at over-the-counter rates.

As the company expects, new assets will be used for money transfers, issue and redemption of tokens, as well as for payments for services.

The choice of Wirex fell on the Stellar blockchain, as the company considers it safe, easily scalable and relatively inexpensive to use.

Last year Wirex became the third company in a row that received a license to provide services in the UK and Europe.