China Set to Develop its Own Digital Currency

``Back in 2014, the PBOC set up a special advisory board with one primary remit -- research the implications of digital currency for the Chinese economic system. In early 2015, the bank focused this remit into a number of specific research areas, including legal issues, distribution, the underlying framework and technology, and initial issuance. The latest seminar gave the research team the opportunity to present their findings. The outcome? That the PBOC (as a quick note, for those not familiar with the PBOC, it is China's central bank -- think the Federal Reserve in the US or the ECB in Europe) wants to issue its own digital currency with the macro goal of replacing fiat Yuan.'' -- Of course we can expect China's "version of bitcoin" to be anything but free, no doubt...