March 24, 2020 China moves closer to a national digital currency, while a US legislative bill loses mention of a similar proposed project.

A report published on Tuesday detailed that according to “industry insiders” China’s central bank, The People’s Bank of China (PBoC), has now finished the development of China’s new national digital currency’s basic function and is now preparing legislation to facilitate the release of the currency. The new currency has reportedly been developed in collaboration with private enterprises and it appears that Alipay, the financial division of Alibaba, has been working on the project’s technical implementation. Meanwhile, a House of Representatives bill in the US has lost its previous recommendation of a digital dollar. The bill is broadly aimed at providing economic relief in the wake of COVID-19 and previously suggested that the Federal Reserve could send the new currency directly to families, however, a more recent version of the bill includes no such recommendation of a digital currency.

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