China hopes to launch its virtual currency

The central bank in China (People’s Bank of China – PBOC) is looking into the possibility of launching its own virtual currency, after having done research on digital currencies since 2014. According to TheRegister, the bank considers that the introduction of a virtual currency would reduce money laundering and tax evasion, while also making economic activity more transparent. PBOC is now working on drafting strategic objectives for this to happen, as well as on overcoming technological barriers.