China: Preparing for the launch of its own digital currency

In the context of economic war between USA and China another episode is coming to be added, but this time the thing goes one step further "Children's" disputes over agricultural and technological products.

Η People's Bank of China has revealed that it has complete the creation of its own digital currency after 5 years of work and although he does not characterize it as a "cryptocurrency", he emphasizes that it is based on a more complex structure. The regulatory authority and control in general will be done in cooperation with the People's Bank of China with the conventional commercial banks, in order to ensure the smooth distribution - management of the digital currency for the giant economy and the population of China. It will not be based solely on technology blockchain, because they could not meet the needs of trade.

It should be noted that China's attitude towards cryptocurrencies has never been completely positive. To be precise, the government of the country believes that this form of currency can cause chaos in transactions, especially since speculators sell or exchange real money for the sake of digital. With this approach we are learning today, they will theoretically be able to create a more balanced situation where of course the Chinese government will have the upper hand.

But apart from the economic side, this move is another very serious indication that China wants to become completely independent of any kind of foreign technology and possibly, if its digital currency flows properly, may become a more attractive product for investors. within the next decade. And that is where a very serious problem will arise for both the United States and Europe (reminds a little Mr. Robot the phase…).

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