China with digital currency similar to Facebook

The coin will be used in all major payment platforms such as WeChat and Alippy, a senior central bank official said.

Mu Changchun, deputy director of the China People's Bank's Department of Pays, said that the development of the currency would help protect the country's currency sovereignty after trade applications of such currency have expanded.

Why is the central bank making such a digital currency today when electronic payment methods are so developed. This is done to protect our monetary sovereignty and the legal status of the currency.”, Changchun said.

He said the digital currency would be as safe as the actual currency issued by the Central Bank and could be used without an Internet connection.

China's central bank established a research team in 2014 to explore the launching of its digital currency to lower traditional cash circulation costs and increase policymakers' control over money supply.

Changchun announced last year that the digital currency was almost ready. The American financial magazine Forbes reported that the coin may be ready until November 11th.

Some analysts said China accelerated the digital money market as the American social media giant Facebook reported plans in June to create the digital currency Books.