PBoC Digital Currency Research Lab team are working away quietly with restricted access
- There is a devoted team which is working in secret, to have the PBoC’s own cryptocurrency released before Libra.
- Reports suggested that as soon as Facebook released its white paper, the PBoC began work immediately.
A team working behind the scenes for the PBOC’s Digital Currency Research Lab is currently in the process of selling up its digital currency system. It is being worked on in a restricted environment, with the aim to launch it before Facebook’s Libra enters the market.
Following Facebook unveiling the white paper for its Libra Project in June, the People’s Bank of China (PBoC) reportedly began working. The PBoC is working in the highest gear attempting to launch its digital currency into the market before Libra comes in.
Latest reports suggest that the team of developers is working in a secret office away from the PBoC’s downtown Beijing headquarters.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
