BitcoinZH Introduction: A major announcement on the official Weibo account of China's People's Bank, as development of a People's Digital Currency is announced. The full statement is included below.

###Official PBoC weibo annoucement:

China to issue digital currency, official announcement on Weibo

Request from the People’s Bank of China Digital Currency Forum, Beijing

The People’s Bank of China Digital Currency research team is actively intregrating key domestic and overseas achievements and experiences in digital currency, building mechanisms that better protect organizations. We’re moving forward in clarifying our strategic objectives at the central bank, tackling the key technological issues and working to shortly issue a centrally-backed digital currency.

China to issue digital currency, comment by Mysterious Youth

###神图青春 Mysterious Youth:

The evaluation of the central bank on digital currency is: 1. It can reduce the production costs of traditional cash-based money. 2. It increases convenience and transparency in economic transactions, reduces money-laundering, tax evasion and other illegal criminal activity. 3. The central bank will increase its ability to control supply and circulation of digital currency. 4. It will promote the creation of a completely new financial infrastructure, optimizing payment systems and making settlements more efficient.

China to issue digital currency, comment by 黑锤子一世

###黑锤子一世 Black Hammer:

The People’s Bitcoin 😂

China to issue digital currency, comment by 007龙少 Young Dragon

###007龙少 Young Dragon:

A centrally-issued digital currency, method to be determined, success to be determined, but from the point of view of economic governance - must be issued. Regarding Bitcoin, I’d still guess the government will allow diversity in coins, let people continue to research the area. They won’t knock it dead, won’t give it the big ‘that’s enough’.

China to issue digital currency, comment by 007龙少 Young Dragon

###我不是真正的快乐 Not happy in fact:

(@007龙少):It’s in the essence of Bitcoin that it doesn’t require centralized authentication. This is only a central bank revolution!

China to issue digital currency, comment by Victorwei

###Victorwei:

I wonder if today’s the start of something sinister… 思考

China to issue digital currency, comment by 飓风之王狗狗币

###飓风之王狗狗币 Dogecoin Hurricane:

I’ve studied Bitcoin for a long time, taken part in the safeguarding of the Bitcoin code, been talked out of it by a lot of friends, been attacked several times, and I still have no way to prove this is in fact a major trend. But now that the central bank wants to issue a digital currency, it’s just the bro saying in a loud voice, ‘did you see? no need to doubt it ever again!’

China to issue digital currency, comment by 演闻先生

###演闻先生 Mr News:

Hehe, Central Shanzhai Coin’s guiding principle is ‘rooted in the people, keeping the people secure.’ Bitcoin couldn’t stand the weight of something the size of Central Coin. Central Shanzhai Coin is maybe a bit more similar to Ripple.

China to issue digital currency, comment by 几米多远

###几米多远 How far’s a few meters?:

If every country develops its own centralized digital currency, if each country fails to accept the others, then you should use a decentralized coin for exchange.

China to issue digital currency, comment by 足以自娱

###足以自娱 Amuse yourself:

Once the renminbi has been converted onto the blockchain, it’ll be seamless to transfer between it and bitcoin, simple direct transfer. It won’t be like now where you have to have an account at the exchange, and at that point international currency exchange will be so much simpler!

This has just increased the purchasing power of the renminbi on an international stage, it’ll definitely help the renminbi to appreciate!

China to issue digital currency, comment by kkkk1122988

###kkkk11229888:

This must be due to the good research work done on the Bitcoin blockchain. If it’s good technology then we should just admit it. And invest heavily in R&D. Last year the American NASDAQ completed its first experiment in blockchain transactions, China needs to raise the game!

China to issue digital currency, comment by zhuangyixia

###zhuanyixia:

The world is always in flux, good days may be bad days, bad days may be good days, does anyone understand? Whether you understand in time or not may be of no significance. The world has its own natural laws of development, living among one another and working in the present aren’t too far away.

China to issue digital currency, comment by 方恨少的半糖主义

###方恨少的半糖主义 LessHatredSemiSweetIsm:

Let go and imagine: money slowly but surely leaves behind the era of paper cash, spending anywhere means using some kind of machine, like your phone or a wearable device. Through passwords or consent buttons, one-swipe payments. This is the same principle as payment by scanning a QR code, maybe in a few generations time cash will have disappeared.

China to issue digital currency, comment by Yi Jing Ping

###易经平 Yi Jing Ping:

Welcome news. Indeed because it’s based on figures too, the objects that meet and merge in currency are also just data. A workable digital currency is a pre-requisite for bringing together the future internet of things and as it takes shape, and digital currency wins trust, fully distributed digital currency will also exist. And research into the distributed kind will inevitably impact upon Abelian equation-based applications.

China to issue digital currency, comment by 比特币资讯

###比特币资讯 Bitcoin News:

Shock! 吃惊

The people at the meeting included representatives from People’s Bank of China, Citibank and Deloitte’s Blockchain Research Team. Zhou Xiaochuan, Governor of the People’s Bank of China attended the meeting. Executive Vice-President Fan Yifei attended the meeting.

China to issue digital currency, comment by 你不知道我在想啥

###你不知道我在想啥 You don’t know what I’m thinking:

Although the news item is short, the significance of this is great. This indicates that in terms of the problems faced by digital currencies, the central bank will behave only as a passive actor. Through this Forum, the central bank has explained and clarified one point: the central bank will maintain control over the right to issue digital currency, this element has been glossed over in discussion.

This also sends a signal: as long as your digital currency fits with the vision of the central bank, they’ll welcome your R&D. Any digital currency which goes against their thinking will have no market in the future, and may even be subject to attack!

China to issue digital currency, comment by 神图青春

###神图青春 Mysterious Youth:

BAT [Note: Baidu, Alibaba, Tencent] have just come along, now along comes People’s Bank of China again…

China to issue digital currency, comment by a旺财

###a旺财 a Wang Cai:

PBoC! [赞] Not just shouting slogans, taking action!

###The official statement:

China to issue digital currency, comment by a旺财

###People’s Bank of China Digital Currency Forum, Beijing Conference Center

2016/01/20, the People’s Bank of China Digital Currency Forum at the Beijing Conference Center.

Researchers and experts from People’s Bank of China, Citibank and Deloitte held discussions and exchanges around identifying a framework for the issuance of digital currency, advancing national currency towards digital currency, state-issued cryptocurrency and other related matters. Governor of the People’s Bank of China, Zhou Xiaochuan, was in attendance at the meeting. Executive Vice-President Fan Yifei was in attendance at the meeting.

During the meeting, along with information technology and mobile internet, the evolving states of trusted and self-managed cloud computing, secure storage hardware and blockchain technology were raised, as well as huge changes to global payment methods. The development of digital currencies is presenting new opportunities and challenges to currency-issuing central banks. The People’s Bank of China views this with a sense of great importance. We established a dedicated research team in 2014, which was further strengthened at the beginning of 2015, which has completed extensive research into frameworks for the issuance and commercial operation of digital currency, the key technologies in digital currency, the ecosystem in issuance and circulation of digital currency, legal challenges facing digital currency, the influence of digital currency on the economical and financial systems, relations between privately-issued digital currency and statute-based currency, international experiences in the issuance of digital currency and other related matters, reaching the end of this phase of the research.

It was the view of the Forum that, under the current state of affairs of our nation’s economy, exploration of centrally-issued digital currency is of great practical significance and profound historical significance. Centrally-issued digital currency can lower the high costs of issuance and circulation of traditional paper-based currency, increase liquidity and transparency in economic and transactional activity, reduce money-laundering, tax evasion and other criminal activity, increase central authority over the issuance and circulation of digital currency, better support the development of the economy and society and assist in the comprehensive implementation of a universally beneficial finance. In future, the systems of issuance and circulation of digital currency will promote the creation of entirely new financial infrastructures in our nation, optimizing payment systems and making settlements more efficient, driving increases in economic growth and efficiency.

It was the request of the Forum that the Digital Currency Research Team at the People’s Bank of China actively integrate domestic and overseas achievements and experiences in digital currency, continue to push forward work on the basis previously established, building mechanisms that better protect organizations, moving forward in clarifying our strategic objectives around the issuance of digital currency at the central bank, tackling the key technological issues, researching the applications of digital currency in the context of diverse scenarios, striving to issue a centrally-backed digital currency at the earliest date. The design of the digital currency should have a basis in principles of economy, general welfare and security, with applications ensuring low production costs, widespread coverage, seamless integration with other payment tools, and in increase in the applications and dynamism.

In driving forward work on digital currency, the People’s Bank of China has established channels of communications with other related international organizations and internet corporations, executing extensive investigation into related domestic and international structures and traditional card-based payment systems. The domestic and international guests at the Forum view this issue as one of great importance, and held intensive high-level discussions on related theoretical research and practical exploration into avenues of development for the People’s Bank of China.

Word of the Day

数字货币 | Shu Zi Huo Bi | Digital Currency

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