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MNI (Beijing)
     BEIJING (MNI) - The People's Bank of China may become the first central
bank to launch a digital sovereign currency, dubbed DC/EP(Digital
Currency/Electronic Payments), said Huang Qifan, a vice chairman of China Center
for International Economic Exchanges, who didn't give a timetable. 
     Here are major takeaways of a speech by Huang at the Bund Summit hosted by
China Financial 40 Forum in Shanghai on Monday: 
     - PBOC will issue DC/EP to banks and other financial institutions that
exchange it to the public. It replaces the M0, and is not a complete digital
replacement of the current currency.
     - DC/EP will help the circulation of the yuan and its internationalization
given lower reliance on bank accounts. It will also provide an effective
reference to the central bank's money supply, monetary policy making and
enforcement. After five to six years of research, the technical aspects of DC/EP
are mature.
     - The move by some companies issuing own digital currencies to challenge
the sovereign currencies is "an illusion" and won't succeed because the values
of those currencies have no stable backing and can't form real social wealth. 
     - The world should get rid of the traditional payment settlement systems
such as the dollar-dominant SWIFT given it has become a tool for U.S. hegemony
and overreaching jurisdiction.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com

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