RATE Group | China Releases e-Yuan Cryptocurrency and Investors are Going All-In
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China Releases e-Yuan Cryptocurrency and Investors are Going All-In

22 May China Releases e-Yuan Cryptocurrency and Investors are Going All-In

Posted at 00:23h in Cryptocurrency News by

LONDON, UK / ACCESSWIRE / May 21, 2020 / With 70% of nations claiming to be in studying their own digital versions of money, China is by far the biggest one to embark on such a journey. China’s official state-run news agency, Xinhua, quoted President Xi Jinping as saying that blockchain serves “an important role in the next round of technological innovation and industrial transformation.”

The release of the e-Yuan has attracted worldwide attention from investors hoping the cryptocurrency will reach heights to parallel those achieved by bitcoin. However, it is yet unclear to what extent China will include the cryptocurrency in its financial system as international skeptics argue that the currency will never be fully decentralized.

E-Yuan may provide a solution for Chinese long-standing bad debt problem. The country currently has 2.4 trillion yuan ($341 billion) of officially recognized bad debt due to the illegal yet popular practice of obtaining multiple loans pledging the same…

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