The People's Bank of China (PBOC) is testing digital currency in efforts to become one of the first central banks to issue digital money; China's population has been increasingly using digital forms of payment with approximately 450 billion mobile users reported in 2016; a cryptocurrency would likely be popular among consumers and is also expected to lower transaction costs for sellers; a digital currency could also help the PBOC to more efficiently manage risks in the financial system and economy with a better way for tracking transactions; the PBOC has outlined how a digital currency would work but it has not announced a specific timeline for implementation. Source
