As Per Experts, Official Chinese Currency Renminbi Could Become Cryptocurrency

by | Apr 19, 2019 | Cryptocurrency, Cryptocurrency News

Renminbi | China | Cryptocurrency | Blockchain | Currency

The executive chairman of the Blockchain Research Institute, Donald Tapscott stated in an interview with Bloomberg on April 17, that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency.

Tapscott revealed in his interview that in a recent meeting with the vice-chairman of the Communist Party in China, the latter reiterated that President Xi Jinping believes that blockchain is one of the most important technologies for the future of the country.

Outlining the country’s plan around the ban on cryptocurrency exchanges, Tapscott suggests that China is considering to ban cryptocurrency mining as well, he added:

“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”

When asked about the future of decentralized exchanges in China, Tapscott replied that they could, although the government has a serious stance towards curtailing digital currencies. Tapscott further suggested that  decentralized exchanges will purportedly dominate centralized ones due to their transparency and the ability to identify “bad behavior.” Per Tapscott, all assets, including traditional ones like securities, will eventually be on decentralized exchanges. 

Reportedly, Chinese authorities are discussing a possible ban of cryptocurrency mining for long. The National Development and Reform Commission (NDRC) has included crypto mining as part of its draft for a revised list of industrial activities the agency intends to shut down due to their “lacked safe production conditions, seriously wasted resources, polluted the environment,” among other issues.

Even with all the negativity surrounding around cryptocurrency in terms of the regulatory condition in China, the country still remains a major player in the bitcoin market. Most of the largest bitcoin mining pools are controlled by local organizations. 

By mid-2018, crypto mining operator Bitmain reportedly operated as many as 11 mining farms in China, and if NDRC’s reported plans are to become true, the most affected company. 

While in terms of progress in the blockchain sector, China is reportedly leading the world in the number of blockchain projects currently underway in the country. There are 263 blockchain-related projects in China, accounting for 25% of the global total.

Read more: The New Regulatory Sandbox By Indian Regulatory Accepts Blockchain And Excludes Crypto

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