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Digital Yuan Holdings to Earn Interest Under New Framework
Source: CryptoNewsNet Original Title: Digital Yuan holdings to earn interest under China’s new framework Original Link: The People’s Bank of China (PBOC) will launch a new digital yuan framework on January 1, letting commercial banks pay interest on holdings in a move to incentivize broader adoption of the central bank digital currency.
The so-called “action plan” will shift the digital yuan (e-CNY) from its current role as digital cash to digital deposit money, according to a deputy governor of the People’s Bank of China.
“The future digital yuan will be a modern digital payment and circulation means issued and circulated within the financial system, with technical support and supervision provided by the central bank, possessing the attributes of commercial bank liabilities, based on accounts, compatible with distributed ledger technology, and having the functions of a measure of monetary value, store of value, and cross-border payment.”