Bitcoin Newsroom Articles
China, a country that already plays a critical role in cryptocurrency due its dominance
in bitcoin trading and mining, will support blockchain development as part of its
According to the “13th Five-
Profound Changes Coming
The document noted that the development of the global information technology environment, conditions and content are undergoing profound changes.
“Internet, cloud computing, large data, artificial intelligence, machine learning,
block chain, bio-
With the “real” and the digital worlds’ increasing convergence, the global governance
system is facing profound changes. The global economy is expected to accelerate information
technology innovation, the maximum release of the “digital dividend”, in response
to a “post-
Technologies Cited Include Blockchain
The document also noted “new technologies such as quantum communications, future
The development of the “real economy” is based on both technology and financial innovation, meaning the capital market should be further improved to encourage more venture capital investment to boost the country’s entrepreneurship and innovation.
New modes like crowd sourcing and crowd funding should be coordinated with mass entrepreneurship to boost innovation, the state council website stated.
Also read: China’s central bank will look to issue its own digital currency ‘as soon as possible’
Central Bank To Issue Digital Currency
China’s central bank, the People’s Bank of China (PBOC), announced earlier this year that it will make the necessary moves to work toward issuing a digital currency, as soon as possible, CCN reported.
A “special” research team put together by the PBOC was set up as early as 2014 to conduct research and look into all possible regulatory frameworks for the issuance of a nationwide digital currency and the impact it may have on the economy, the PBOC’s website noted.
The central bank engaged experts from Citibank and Deloitte to discuss the frameworks required for the issuance of a national digital currency.
Some of the stated benefits include:
Reducing costs incurred during issuance and circulation of traditional fiat currencies.
An increase in the transparency and convenience of economic transactions
The curbing effect on tax evasion, money laundering and other criminal acts.
Improve the central bank’s control over the money supply and circulation.
Breaking barriers to bring financial solutions for those unbanked in the country.
Some of the tasks set by the PBOC include the mandate of designing the proposed digital currency based on strong “economic, safety and service principles.”