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Nation's digital currency may be world's first

By Chen Jia | China Daily | Updated: 2019-09-04 07:18

CBDC could be put into e-wallets for direct and peer-to-peer transactions

As the time is approaching when the digital currency from China's central bank is set to be unveiled, which may be the world's first, more experts are discussing the attributes of the new type of money based on details leaked by the authorized designer.

Central bank digital currency, or the CBDC, is a new form of money issued digitally by the central bank and to serve as legal tender - a country's sovereign currency. It has no physical form like cash, but is backed by the reserves of valuable assets that commercial institutions deposit in the central bank.

Nation's digital currency may be world's first

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