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Blockchain Expert Says China’s Renminbi (Yuan) to Become Cryptocurrency

The renminbi (RMB), China’s official currency, is slated to become digital currency. The news was revealed by Donald Tapscott, Blockchain Research Institute’s executive chairman.

Blockchain Research Institute’s executive chairman, Donald Tapscott

Tapscott mentioned in a recent interview that he met with one of the heads of China’s Communist Party who shared President Xi Jinping’s belief that blockchain is vital for his country’s future.

Chinese Crypto Ban to Official Chinese Crypto

China has an ongoing ban on crypto platform exchanges and there are also reports of a similar ban on cryptocurrency mining. However, Tapscott explained that it won’t be necessary to ban mining and the digital exchanges as “we are not going to be using bitcoin in China” in 20 years. He added that the country’s central bank will turn the RMB into a cryptocurrency that the Chinese people will use.

Tapscott also said that exchanges that have been decentralized can operate in the communist country, even if they were previously prevented from providing initial coin offerings (ICOs). But Tapscott underlined that the Chinese government is committed to limiting digital currencies.

Decentralized Exchanges in China

The blockchain expert suggested that these exchanges could prevail over centralized exchanges because of their capacity for transparency and ability to catch “bad behavior.” Every asset, even the conventional securities, will reportedly be on these decentralized exchanges.

The probability of China banning cryptocurrency mining has been discussed for some time now. The country’s National Development and Reform Commission (NDRC) allegedly included it in its updated record of tech developments that the division plans to close. The decision is due to issues like the lack of production safety, wasted resources, and environmental pollution.

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