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China is ‘step closer’ to launching digital yuan

The People’s Bank of China (PBoC) is said to have moved one step closer to issuing its national digital currency.

A Global Times report on Tuesday, citing “industry insiders,” said the PBoC appears to have completed the development of the digital currency in collaboration with private companies.

The central bank is now reportedly drafting relevant laws to circulate the digital yuan, The Block reported.

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