PBOC Official: Crypto Yuan Will Be Unbacked & Have No Reserves (No Gold Backed Crypto Yuan)

“China’s cryptocurrency will not need a currency basket to maintain a stable value…”

by Jason Burack via Wall St For Main St

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value.

Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would be distinct from other forms of cryptocurrencies, including Libra.

Commit to tipping us monthly for our hard work creating high level, thought provoking content that includes interviews with top experts, analysis and short videos about investing and the economy https://www.patreon.com/wallstformainst