Central bank says official digital currency possible for China

The People’s Bank of China is looking into the creation of its own digital currency based on the findings of a research team it set up in 2014, Bloomberg reported, citing a statement on the bank’s website. The central bank said it had consulted with experts from Citigroup and Deloitte on the matter, but gave no details on the hypothetical currency’s underlying technology or how it might relate to the yuan. “They’ve recognized the opportunities the digital currencies have,” said Zennon Kapron, managing director of consulting firm Kapronasia. “If they did have something the government could monitor and use, that could fit into their longer-term plans.”