RATE Group | China is globalizing its currency to challenge dollar
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China is globalizing its currency to challenge dollar

23 Dec China is globalizing its currency to challenge dollar

Posted at 14:32h in Cryptocurrency News by

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The People’s Bank of China (PBOC) has digital currency ambitions, but all signs point to it being a cryptocurrency on the surface and a fiat currency by another name. 

The PBOC has extensively researched blockchain and digital currency for some time. Efforts began in 2014 under the watch of former Gov. Zhou Xiaochuan. Since then, the PBOC has filed 63 patents related to blockchain, while over 10,000 blockchain-related patents have been filed in China overall, according to the China National Intellectual Property Administration (CNIPA). The PBOC has also taken efforts to educate the public about the potential of blockchain technology with the app De Dao ( 得到), made in conjunction with a prominent Chinese educational app developer. 

Although China is a hotbed for blockchain research, the country has banned cryptocurrency transactions in phases from 2013, when banks were prohibited from handling crypto-related transactions, to 2017, when authorities gave the order for…

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