China is developing its own centralized cryptocurrency
The People's Bank of China does not intend to neglect the yuan, the currency of the current financial system
The Asian country has applied the largest restrictions to cryptocurrencies and transactions in these currencies. However, the People’s Bank of China is studying the creation and launching of a cryptocurrency. Indeed, it has received 41 patents that together would allow the creation of such currency as well as providing the user with a wallet that stores the asset.
With the project studied by the banking authorities do not seek to neglect the yuan, the national currency, or affect the financial system immediately. On the contrary, the objective is to integrate the digital currency that results from the proposals into the dynamics of the existing economy.
Through the implementation of the blockchain technology, the new digital monetary asset will be positioned in the Chinese market, with strong restrictive measures currently, to make tangible currency intangible.
An important precedent in the country regarding the use of blockchains are mortgage registers and validation of checks. These initiatives make it clear that the national banking sector believes in blockchain technology.
The advances in the creation of the Chinese cryptocurrency remain protected, under strict confidentiality, framed within the local financial system.
M.Pino
Source: Criptonianos
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