China’s digital currency is all about control
Since 2014, China’s central bank has been examining the potential for a digital yuan. “The People’s Bank of China [PBOC] has not issued legal digital currency and has not authorized any asset trading platform to conduct transactions,” the central bank wrote, according to a translation by the crypto publication The Block. It was rumored, according to Forbes, that the PBOC could unveil the currency on Singles’ Day (Nov. 11), a massive Chinese shopping festival.
