The People’s Bank of China (PBOC) completed a successful trial run of a digital bank acceptance exchange, moving closer to becoming the first central bank in the world to research and test its own digital currency.The utopian vision of the blockchain is rapid, low cost transactions outside of the banking system, ending the modern monetary nightmare of bank-created credit money. The dystopian vision is a revived push for centralized control of the Chinese economy. A big reason why central planning fails is the lack of information, but if the government has access to all economic transactions in real-time, someone will get the bright idea to try it again. Additionally, the blockchain could replace the trouble caused by the black market, with the troubled caused by a black government that has total control and knowledge of all your economic activity.
According to sources from the PBOC, the central bank on Dec. 15 completed the trial in transactions and settlements of bank acceptance bills using a digital currency it developed, supported by blockchain technology – a secure digital ledger that records online transactions.
...When the system is ready, the central bank’s pilot digital bank acceptance exchange platform will be connected with the existing Shanghai Commercial Paper Exchange to form a national platform for bank bill transactions, said a person close to the central bank.
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