RATE Group | Cryptocurrency usage to become mainstream soon; China launching own state-backed digital…
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Cryptocurrency usage to become mainstream soon; China launching own state-backed digital…

16 Dec Cryptocurrency usage to become mainstream soon; China launching own state-backed digital…

Posted at 16:16h in Cryptocurrency News by

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The ConversationDec 16, 2019 17:46:04 IST

One of the hottest topics in cryptocurrencies is the prospect of major economies launching state-backed digital coins.

China’s central bank recently accelerated plans for what is currently known as the Digital Currency Electronic Payment (DCEP). It could launch within the next 18 months, while the European Central Bank is looking at something similar.

Meanwhile, Russia has been working on a state-backed cryptoruble for several years, and Sweden has its e-krona project. Indeed, several countries have got there already: Senegal and the tiny Marshall Islands now have digital coins that sit alongside their existing currencies, while others such as Venezuela and Ecuador have tried but failed to gain traction.

Make no mistake, these developments will completely change the international monetary system. Today’s system dates to the Bretton Woods conference of 1944, in which to create a stable trading environment the Allied nations agreed to…

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