China has increased speed on its CBDC project, which is now a source of worry to critics who wonder what the project will mean for the U.S. Dollar. Ripple CEO is sure: the US is falling behind China on crypto innovation.
China’s fintech stocks are starting to soar ahead of the expected launch if its CBDC. This is driven by the possibility that the digital currency will provide a need for security and payment services.
Recently China’s Research Institute on Digital Currencies changed its director to Changchuan Mu, who elaborates on the idea of the upcoming PBoC’s digital currency and regulation of Facebook’s Libra.
A devoted team of the PBOC’s Digital Currency Research Lab is currently setting up its digital currency system in a restricted environment aiming to launch it before Facebook’s Libra enters the market.
The Marshall Islands have decided to issue their cryptocurrency. Formerly, the pacific Nation had used the US Dollar solely as currency. This time, they have decided to issue their own based on its own blockchain.
China’s Central Bank now wants to develop a virtual currency to compete with the recently unveiled Facebook’s Libra aiming to gain the lead in the development of the cryptocurrency and blockchain technologies.
China is continuing its way of crypto development. A digital currency research lab set up by the People’s Bank of China has submitted 41 patent applications, which means the world’s second-largest economy is planning a more prominent role in the cryptocurrency ecosystem.