Official Chinese Currency Renminbi to Become Cryptocurrency, Expert Says
Ana Alexandre's original article for cointelegraph.com reduced by 53%
Donald Tapscott, executive chairman of the Blockchain Research Institute, stated that the official Chinese currency, the renminbi, will become a cryptocurrency, in an interview with Bloomberg on April 17.In the interview, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one of the most important technologies for the future of the country. "It's not really necessary to do that because in 20 years we are not going to be using bitcoin in China. 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." When asked if decentralized exchanges can operate in China - which has previously banned initial coin offerings - Tapscott said that they could, although the government has a serious stance towards curtailing digital currencies. Chinese authorities have long been discussing possible ban of cryptocurrency mining. By mid-2018, crypto mining operator Bitmain reportedly operated as many as 11 mining farms in China, and hence would be largely affected by the NDRC's reported plans.
As for blockchain, China is reportedly leading the world in the number of blockchain projects currently underway in the country. There are 263 blockchain-related projects in China, accounting for 25% of the global total.
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