China to Move to Electronic Currency

The People’s Bank of China held a seminar yesterday to discuss the issuance of a digital currency. The Chinese central bank said issuing a digital currency would have positive implications as it would reduce the high printing and circulation costs of traditional cash notes, make economic transactions more convenient and transparent, reduce money laundering and tax evasion, and strengthen the central bank’s control over money supply and circulation. The Chinese central bank pledged to issue China’s own digital currency as early as possible.