Central bank unveils plan on digital currency

Policymakers, researchers keeping close track of development, potential impact of Libra

The central bank is accelerating its efforts to introduce a government-backed digital currency, aiming at securing a cutting-edge position in the global cryptocurrency race, a senior official said on Monday.

The People's Bank of China, the central bank, is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, the country's Cabinet, Wang Xin, director of the PBOC Research Bureau, said at a seminar at Peking University.