China has begun testing its own digital currency for interbank transfers.
For industry experts, China’s move is not surprising: it has tested its digital currency for interbank transfers.
Recently, the speech of the internal staff of the National Bank in the press conference has already hinted at the direction that the country is willing to take.
At the moment, the goal seems to be to provide a second digital currency that will work with the renminbi.
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Although the technology is still very likely to be far away, the government has begun testing cryptocurrency-related tests and even testing its functions at the National Bank.
The government may get almost immediate benefits.
First, in a densely populated country with insufficient infrastructure, digital currencies will be able to provide fund services to areas without traditional banks.
Second, a digital currency will provide the government with more hands-on tracking of digital transactions, which is already a huge industry in China (note that Alibaba has the potential to accept Bitcoin in the near future.)
Finally, the application of this currency will greatly reduce costs, increase transactions, and thus promote economic development.
Although digital currency abandons fiat money in the traditional sense, China's mixed currency will open a new world of currency choices for its governments, citizens and businesses.
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