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China’s biggest bank says Bitcoin is driving its efforts in this key area China’s biggest bank says Bitcoin is driving its efforts in this key area

China’s biggest bank says Bitcoin is driving its efforts in this key area

The People’s Bank of China said the rise of Bitcoin could be playing a role in the development of its digital currency.

China’s biggest bank says Bitcoin is driving its efforts in this key area

Cover art/illustration via CryptoSlate

An official of the People’s Bank of China (PBoC), the country’s central bank and chief financial regulator, said yesterday that the burgeoning Bitcoin space was one of the reasons behind the resurgence of the country’s own digital currency plans.

“This (the interest in CBDCs) may also be related to the large increase in the price of Bitcoin,” said PBoC research head Wang Xin, referring to the heightened efforts in developing a digital currency.

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