Already in the past, the Chinese central bank has repeatedly been informed that there are plans to issue its own state cryptocurrency. Even if a concrete implementation appears to be a long way away, transactions in the interbank market have already been tested.
This new digital currency is to be established as a second currency next to the yuan. The benefits are obvious: in a country with a comparatively large number of people, but a weak infrastructure, a digital currency could also allow a value exchange in regions that do not have access to conventional banks.
In addition, a digital currency would allow the state more control mechanisms. Payments could be better tracked and people monitored. Overall, efficiency increases in terms of costs and time would also be expected.
However, it should not be forgotten here that a state digital currency has not much to do with bitcoin and co. The original motives of Bitcoin to create a state-independent and autonomous money system are counteracted by digital Fiat. Especially in the case of China, where monitoring and repression are the order of the day, such a digital currency is quite critical.
The Bitcoin News
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube