Finance

China’s central bank is ‘quite worried’ about some digital currencies

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A customer makes a payment using China’s digital currency, or e-CNY, at Wangfujing Department Store on February 11, 2021 in Beijing, China.

VCG | Visual China Group | Getty Images

BEIJING — China’s central bank is “quite worried” about risks to the global financial system from privately developed digital currencies, particularly so-called global stablecoins.

These digital currencies are tied to a fixed value, such as a government-backed currency like the U.S. dollar. One popular example is Tether, which has raised concerns in the U.S. government and ranks third in market capitalization behind well-known cryptocurrencies bitcoin and ethereum.

“Some commercial organizations’ so-called…



Source cnbc.com

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