30 Dec China’s Planned Bitcoin-Killer Sparks Major Concerns
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Bitcoin and cryptocurrency have this year successfully provoked central bankers and governments to take digital currencies seriously—though many remain skeptical.
The bitcoin price, which has failed to return to its all-time highs set in late 2017 despite a late December rally, was given a substantial boost in the first half of this year by social media giant Facebook’s plans for a bitcoin-like rival.
Now, China’s long-awaited answer to bitcoin and Facebook’s libra is taking shape, with People’s Bank of China confirming the “digital yuan” won’t be “for speculation or require the support of a basket of currencies”— leaving many disappointed and others concerned.
Governments and companies around the world have this year gone public with their plans for … [+]
“The currency is not for speculation,” Mu Changchun, head of the People’s Bank of China’s digital currency…
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