The Central Bank of China plans to issue its own national digital currency. This will be another state-owned cryptocurrency project planned by several countries.
News of the Chinese digital currency came from Reuters. The Central Bank of China is said to be almost ready to release the digital currency. His bank deputy director Changchun spoke about digital currency during an economic forum in Heilongjiang, China.
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China has been working on the digital currency since 2014. The currency can help reduce the cost of spreading ordinary paper money. Digital currency can also be easier to control and control.
Unsurprisingly, the potential digital currency should not only work on the blockchain technology that all cryptocurrencies work on.
In China, cryptocurrency is illegal. Any purchase or sale of Bitcoin and other cryptocurrencies from companies is prohibited in China. Financial institutions themselves, such as banks, are also prohibited from processing cryptocurrency transactions. Cryptocurrency exchanges themselves are also blocked. Last year, it also started phasing out cryptocurrency mining companies and banning mining itself.
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We have no details about the planned Chinese cryptocurrency, but we are curious about it. Several countries are flirting with the creation of state-owned cryptocurrency. Venezuela itself has succeeded, but let's talk about the state-owned cryptocurrency Petro, which had to save the Venezuelan economy, as we certainly cannot succeed.
It is possible for China to treat state cryptocurrencies like the Internet. Most websites and social networks in China are censored or banned because the country has its own firewall, which is strictly regulated. In this way, cryptocurrency can be equally strictly regulated, making it the only authorized digital currency in China to legally trade or buy.