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China Needs Digital Currency as New Growth Driver: Times

CHINA PRESS
MNI (Beijing)

China needs the digital yuan, a new type of retail payment tool, to help drive its digital economy and achieve high-quality growth, the Securities Times said in a commentary on the recently released PBOC White Paper on digital currency. The digital yuan is safer to protect user privacy and could make basic financial services more efficient, the Times said. The launch of digital yuan will help withstand potential financial risks from cryptocurrencies such as Bitcoin, which could threaten international monetary system and cross-border capital flow management, the newspaper said.

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