The Chinese central bank official in charge of a new sovereign digital currency said it would not be open to speculation like other cryptocurrencies, shedding some light on a plan that is still largely shrouded in secrecy.
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said it would be “a digital form of the yuan”, there would be no speculation on its value, and it would not need the backing of a basket of currencies, according to the official Shanghai Securities News.
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