Founding managing partner of HCM Capital, the private equity arm of electronics manufacturer Foxconn, Jack Lee, says China’s Central Bank Digital Currency (CBDC) is ready and expects it to launch in two to three months.
During an interview with CNBC published on Nov. 11, Lee also suggested that the People's Bank of China (PBoC) will use the new currency to further strengthen its oversight over capital flows.
China’s digital currency is ready
He explained that the PBoC already tracks cash movements with serial numbers on banknotes and blockchain could provide an even more effective way to do it. Lee also noted that China developed its “Digital Currency Electronic Payment” system, a hybrid CBDC that makes use of the already existing payment and banking infrastructure. Read More...