Experts say that China’s official currency, the yuan, will become a cryptocurrency

Experts say that China’s official currency, the yuan, will become a cryptocurrency

Translator: Play the coin family ElaineHu

Donald Tapscott, executive chairman of the Blockchain Institute, said in an interview with Bloomberg on April 17 that China's official currency, the yuan, will become a cryptocurrency.

In the interview, Tapscott revealed that he is currently meeting with the vice chairman of the Chinese Communist Party. The Vice-Chair recalled that President Xi Jinping believed that the blockchain is one of the most important technologies for China in the future.

When talking about the government's ban on cryptocurrency exchanges, Tapscott outlined that China is also considering banning the exploitation of cryptocurrencies and added:

“It’s really not necessary to do this (forbidden exchanges and mining), because 20 years later, we will not use Bitcoin in China. The Chinese will use the RMB, only the RMB will become the cryptocurrency. The Chinese central bank will take it. Become a digital currency ."

When asked if the decentralized exchange could operate in China—China had previously banned some ICO projects—Tapscott said the answer was yes, even though the Chinese government still has a serious stance on cutting digital currencies.

Tapscott believes that decentralized exchanges will ultimately dominate centralized exchanges, thanks to their ability to claim transparency and identify "bad behavior." Tapscott said that all assets, including traditional assets such as securities, are said to be traded on decentralized exchanges.

The Chinese authorities have long been discussing possible bans on cryptocurrency mining. According to reports, the National Development and Reform Commission (NDRC) has included cryptocurrency mining as part of its revised list of industrial activities, which the agency intends to close, for reasons such as “lack of safe production conditions, severe waste of resources, and environmental pollution”. And other issues.

However, China remains a major player in the bitcoin market, and the country's largest bitcoin mining pool is mostly controlled by local institutions. According to reports, by the middle of 2018, the encryption mining operator Bitmain operates as many as 11 mines in China, so it will be largely affected by the NDRC reporting plan.

As for the blockchain, it is reported that the number of blockchain projects currently underway in China ranks first in the world. There are 263 blockchain related projects in China, accounting for 25% of the world.

Last month, Jiangsu Province issued a multi-year plan called “Implementation Plan for Promoting Transportation Infrastructure Construction”. According to the plan, the blockchain will be one of the technologies used by local governments to reorganize local transportation infrastructure.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Weekly Notice | The deadline for FTX customers to submit claims will be September 30th; Bitget old users need to complete KYC verification before October 1st.

In the coming week from September 25th to October 1st, there are also these blockchain news worth your attention.


When we say institutions are entering cryptocurrencies, what institutions are we actually referring to?

LianGuai Encyclopedia, venture capital. When we talk about institutions entering the cryptocurrency market, what exac...


The hype of room-temperature superconductor triggers the meme token craze of LK-99 Innovation or cutting-edge?

The hype surrounding the 'room-temperature superconductor' LK-99 has been manipulated by cryptocurrency enthusiasts i...


Weekly Preview | Hong Kong Exchange HashKeyExchange begins to serve retail investors; Optimism and Hedera will unlock tokens worth tens of millions of dollars

Here are some blockchain news worth paying attention to in the coming week from August 28th to September 3rd.


LianGuai Morning News | Membrane Finance launches the first Euro stablecoin EUROe.

LianGuai launches the 2065th issue of LianGuai 8 AM daily briefing in the cryptocurrency and blockchain industry, pro...


Weekly Selection | Market Weakness, TG BOT Track Has a Unique Landscape; MakerDAO Wants to 'Defect' from Ethereum; Lido Faces Centralization Doubts Again

The market was weak this week, however, the TG BOT track is still hot, and the Banana Gun will be presold. The OG pro...