Researchers Claim China may Start using Crypto in future

May 9, 2019

China has been strict to enforce measures against Bitcoin, from banning initial coin offerings (ICOs) and crypto exchanges to discouraging citizens from Bitcoin mining. But according to a CNN report, some researchers and experts say that in the not-so-distant future, the country may see the use of the RMB in crypto form.

Donald Tapscott, Executive Chairman of Blockchain Research Institute, said that the digitalization of currencies will soon affect the RMB.

“In 20 years, we’re not going to be using Bitcoin in China,” Tapscott asserted.”The Chinese people will use the RMB, only the RMB will become a cryptocurrency. The Central Bank of China will turn it into a digital currency.”

The Blockchain Research Institute executive added that there is a “dichotomy” in China, as the government has demonstrated its stance against crypto but has gone on to promote and support blockchain technology development in the country.

Meanwhile, Christine Lagarde of the International Monetary Fund (IMF) has expressed the belief that cryptocurrencies are “shaking the system” and affecting the banking and financial sectors in many aspects.

Other experts have been discussing the possibility that the Chinese government will issue a CBDC, or Central Bank Digital Currency, given that there have been reports of the Chinese administration conducting research into CBDC technology.

Elsewhere around the world, however, central banks have been looking into the issuance of CBDCs but have yet to confirm the launch of any central bank token. Don Weinland of the Financial Times said, “no central banks are seriously considering issuing a CBDC at this time.”  


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