China’s RMBCoin May Not Use Blockchain Technology After All
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....
Related News
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....
China’s banking and digital payment giants are using blockchain technology to add transparency to charity organizations' donation distribution networks.
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....
China’s first online insurance company ZhongAn has officially announced its ZhongAn IT Services subsidiary. The newly founded startup will use ZhongAn and its external partners to research and develop artificial intelligence (AI), blockchain, cloud computing, and data-driven technologies. China’s First Online Insurance Firm Initiates the ‘ABCD Plan’.....
China’s Ministry of Industry and Information Technology (MIIT) has published the country’s first official guiding document on blockchain technology and its applications in the country. China, which sees a significant majority of the world’s bitcoin trading, is a notable example of a major government’s foray into understanding cryptocurrencies like bitcoin, and its underlying technology, the blockchain. Just a month ago in September, the Chinese government was revealed to be working on developing and eventually using blockchain-based solutions for social security payments. Talking about the....