PBOC Unveils Plans To Create Blockchain-based RMBCoin
While some Bitcoin enthusiasts may not be too thrilled about this decision, it shouldn't matter all that much. Even though China is not a big fan of Bitcoin, they see the merit of digital currencies. In fact, the PBOC has been working on RMBCoin, a national digital currency project. By the look of things, RMBCoin will not allow users to control the private keys. For the time being, it remains a bit unclear if this project will come to fruition. Assuming it does, it seems unlikely this will bring any competition to Bitcoin whatsoever. RMBCoin is not just a Bitcoin or altcoin clone by any....
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The bigger question is why blockchain technology would not hold such a big appeal for the PBOC anymore. Not too long ago, the Chinese government announced plans to issue their national virtual currency. RMBCoin, as this initiative is called, would see China become the first country to release a national digital currency. As one would expect, the PBOC will oversee the issuance and control of this new currency. However, it appears they may not use blockchain technology for this project after all, which raises a lot of concerns. Especially when considering the PBOC is working on a....
Earlier this week, CCN reported that the People’s Bank of China (PBoC) announced its plans of utilizing blockchain technology to develop a blockchain-based national currency called “RMBCoin,” By using a technology which underpins bitcoin, the PBoC is allocating its resources and capital to potentially launch a digital currency based on the Chinese yuan, similar to Alibaba. There exists several major differences between legitimate cryptocurrencies like bitcoin & monero that are based on genuine cryptographic work and the PBoC’s project. The total supply of RMBCoin is manipulable by the....
People’s Bank of China (PBoC) is officially launching a digital currency research institute on Jan. 29, one day after the celebration of the Chinese Lunar New Year. In an interview with a national newspaper China Securities Journal earlier this week, PBoC department of technology director Li Wei revealed the plans of PBoC to actively examine and explore Blockchain technology. Specifically, Wei stated that the central bank of China is interested in the ability of Blockchain technology to settle real-time transactions in a secure, cheap and efficient ecosystem of peer-to-peer users. To test....
Yesterday, Caixin reported that the PBOC, led by the Payment and Clearing Organization of China, has been having meetings and interviews with commercial banks, third party payment processors, and Bitcoin exchanges within China. PBOC officials made it very clear that they wished to completely cut off the funding line of Chinese RMB into Bitcoin trading platforms around the country. The renewed interest in Bitcoin by the PBOC has led to funding shuffles from every Chinese Bitcoin exchange. Cryptocurrency exchange rates across the board have suffered since the first rumors of renewed the....
The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country is set to begin regulating the industry in January. Sberbank’s CEO says the bank may issue its own cryptocurrency in collaboration with JPMorgan. Sberbank’s Crypto Plans and Sbercoin The CEO of Sberbank, Herman Gref, unveiled on Monday his bank’s plans for when the country’s upcoming crypto regulation takes effect. Gref explained that the law “On digital financial assets” will enter into force in Russia on Jan. 1. It provides a legal definition....