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China’s to launch its own digital currency

The People’s Bank of China could become the world’s first central bank to introduce its own digital currency. It has applied for 74 patents involving digital currencies to the National Intellectual Property Administration. The soon to-be-unveiled digital currency will be backed by the reserves of valuable assets that commercial institutions deposit in the central bank. Many say the proposed currency could encourage global use of China’s yuan. How will this revolutionize the monetary landscape in China and abroad?

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