China may be about to launch a fiat digital currency, but in all likelihood, PBoC’s currency will only resemble crypto on the surface. It probably won’t use blockchain technology.
A senior official of China’s central bank announced at the China Finance 40 Group meeting that the country will soon roll out its central bank digital currency (CBDC).
The Bank of China posted an infographic explaining Bitcoin and its price increase. The infographic points towards the fact that Bitcoin has a limited supply as naturally making the cryptocurrency prone to price increases.
The way Libra is designed makes it hard for governments to see who’s paying whom, or to limit cross-border payments. Thus the People’s Bank of China (PBOC) has vowed to create a currency it can manage- likely one that will be linked to real identities.
When the U.S. sneezes the rest of the world catches a cold, and this time around the cold has caught up with China. The technology powerhouse is shivering over the threat that Facebook’s Libra could pose on her national cryptocurrency.
China has banned all Security Token Offerings and all activities linked to them. The government wants to regulate the new tokens before legalizing them to eliminate cases of fraud.
China is said to be developing most of the projects on private blockchain network with some centralized controlling authority.
The testing phase of a new blockchain trade finance platform established by the People’s Bank of China has been officially launched.
China’s central bank is bragging about the fact that after its ban, it has successfully managed a zero-risk exit for all the previously operated ICO and crypto trading platforms.
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.