There is no country in the world that tries so hard to delete the word “crypto” in the society, except for China. It has already banned ICOs, crypto exchanges, and now there are talks of banning crypto mining to save the ecology of China. However, no matter how hard China tries, crypto adoption is on its way, and sooner or later China will have to acknowledge it.
Donald Tapscott, an Executive Chairman of the Blockchain Research Institute, suggested renminbi (national Chinese currency) make its way onto the blockchain, it is just a matter of time.
“In 20 years, we’re not going to be using bitcoin in China. 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.”
Tapscott also pointed out the importance of blockchain to President Xi Jinping as the latter see the future of China using the blockchain technology. Nevertheless, he considers banning foreign exchange to be a mistake. He said:
“The government is quite serious about hurting crypto.”
In addition, the blockchain researcher stated that not only China has the future of digital currency, but also Canada is. In his book “Blockchain Revolution,” he writes that Bank of Canada wants to see “central banks everywhere…seriously study the implications of moving entire national currency systems to digital money.”
At the same time, an economist of Bank of England, Andrew Haldane, said that CBDC is a solution “to the inability of central banks to set negative rates of interest on currencies in severe economic downturns.”
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