China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck
After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin. China: ‘YuanCoin’ Trial a Success. Following the rise in popularity of the first blockchain-based currency in the world, i.e. Bitcoin, the People’s Bank of China (PBOC) is getting closer to issuing its own, albeit centralized, government-backed sovereign digital currency that will coexist with physical currency. A successful trial in....
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Trials of China's central bank digital currency continue, with ATMs now starting to be used in Shenzhen.
PBoC deputy governor Fan Yifei said expanding e-CNY trials to the provinces of Guangdong, Jiangsu, Hebei and Sichuan would happen "at a proper time." The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong.According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than....
Chinese policy has a massive impact on Bitcoin price, trading volume, and perceived legitimacy – but as the government’s policy on digital currencies is ambigious, Bitcoin’s future in China remains uncertain. The US-China Economic and Security Review Commission reached this conclusion in a research brief published earlier this week. The report examined Bitcoin’s history in China, documenting the evolution of Chinese official (and actual) attitude toward Bitcoin and exploring some of the factors for its popularity – and potential for the future. Here are five things the USCC report said....
An increasing number of multi-billion dollar companies, banks, financial institutions and organizations have begun to utilize Blockchain technology to authenticate data. By doing so, new and unique implementations of Blockchain technology were introduced, including the Commonwealth Bank’s Blockchain-based shipment of cotton and Walmart’s usage of Blockchain to track the distribution of food. Walmart and China pork scandal. Retail giants like Walmart conducted trials using Blockchain technology to store shipment data and distribution information into an immutable Blockchain network. In late....
Over the weekend, The Economist offered its takeon Bitcoin’s (and other altcoins’) China problem. It argues that regulation has driven people in China out of that market in droves over the last four months or so, which isn’t a shock to anyone. “Most investors have left the market,” BTC China’s Bobby Lee told the magazine. In late November, Bitcoin’s value against the dollar broke well clear of the $1,000 mark. On some exchanges, it peaked above $1,300. More than 100,000 Bitcoins were traded daily on the BTC China exchange, and we were all excited about China leading the way. Today,....