As China appears ready to go all-in on blockchain technology and seeks to be the leader in emerging trends – CEO of Binance crypto exchange predicts that the upcoming digital currency of China probably would be on blockchain technology.
Ever since China announced digitizing the fiat currency or the digital version of its national currency, it appears on major headlines almost every day. Perhaps, China’s move of issuing a digital currency is to pre-empt any fledging move by the social media giant, Facebook to launch its own crypto project, Libra – however, as per Changpeng Zhao (CZ), the yet-to-be-launched Chinese digital currency would be based on blockchain technology.
While speaking at BlockShow Asia 2019, an event organized by Cointelegraph, CZ opened up to what he thinks about the digital version of RMB. Although, China hasn’t unveiled the details of its digital currency yet but it wants to be the first country in the game.
“The Chinese government wants to push RMB’s influence globally, said CZ. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”, said CZ.
With that being said, the reports surfaced on Web revealed that senior officials of the People’s Bank of China (PBOC) said “China’s proposed digital domestic currency will give anonymity, it will not gain full control of information belonging to the general public. While addressing the audience in a conference, hosted in Singapore, Mu Changchun, head of the People’s Bank of China’s digital currency research institute said;
“We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions,”…by adding… “But at the same time we will keep the balance between the ‘controllable anonymity’ and anti-money laundering, CTF [counter terrorist financing], and also tax issues, online gambling, and any electronic criminal activities,”
Although Mu Changchun hinted the state-back cryptocurrency is “close to being out” but failed to provide a specific date for its unveiling. Notably, china’s shift from resistant behavior on decentralized cryptocurrency to showing its potential view to be the first country in the world to digitize the domestic country is highly praised by crypto enthusiasts across the world.
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