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The Chinese Government Is Considering Launching A Cryptocurrency “Bigger Than Bitcoin” Expert crypto analysts believe China is exploring the launch of its own cryptocurrency. Far from being disinterested in crypto, China is “widely believed” to be contemplating its own state-backed cryptocurrency that “could potentially be bigger than bitcoin,” according to a report from Bitcoin.com.
It was assumed that China was not interested in supporting crypto and was attempting to dissuade crypto use across the country. Now, less than a year later, we’re reporting that it’s “widely believed” China is considering the launch of its own cryptocurrency. It’s important to note that these reports use terms like “it is widely believed” that the. There are no indications that the Chinese government is ready to launch its own token. In fact, it would be more surprising if China wasn’t at least exploring the idea of its own cryptocurrency. Nevertheless, some news outlets believe a Chinese cryptocurrency launch is imminent. UK-based online trading provider IG Group, for example, recently released a report titled, “China to introduce a national cryptocurrency.” That article goes on to explain that, “In a contradictory move to banning bitcoin, the People’s Bank of China (PBoC) initiated plans to create its own official digital currency.” Nevertheless, it’s unclear where IG Group gets its information, or what data they’re citing to verify their claims.
Optimists, however, will point to the fact that IG has been around since 1974 and is dedicated to providing its clients with educational resources on leveraged FX products and CFDs. They’re a reputable analyst with a history of providing accurate information across industries. IG Group acknowledges that the government of China has given no official statement regarding their own state-backed crypto: “There has been no official statement regarding the national cryptocurrency’s name or launch date, which makes it difficult to prepare for,” explains IG. “It would likely be introduced alongside China’s primary currency, the yuan, with the intention of catering to the millions of citizens who lack access to standard banking services.” How Would A Chinese State-Backed Cryptocurrency Work?
The IG Group report explains that China will launch a state-backed cryptocurrency to regain control of the financial sector: “The PBoC’s People’s Bank of China’s vision for its own cryptocurrency is based on taking back control of the finance sector. It has argued that without government control, a cryptocurrency could become a tool for drug dealers and terrorists.” To date, only one sovereign government has launched its own state-backed cryptocurrency. In February 2018. The cryptocurrency is backed by the country’s vast oil reserves.
However, the government of Venezuela has not yet seen many benefits of its own state-backed cryptocurrency. China, however, could be in a significantly better position to launch its own cryptocurrency.
The country is home to over 1 billion people and is in far. There’s an obvious problem with a Chinese state-backed cryptocurrency: China’s government has taken a heavy-handed approach to surveillance. The government has been accused of monitoring private WeChat conversations, for example, and strictly controls internet access across the country. It seems extremely likely that a state-backed cryptocurrency would allow every transaction to be monitored by the government. One of the key is being able to transfer value outside of the boundaries of traditional financial or governmental regulations. A state-operated cryptocurrency seems like an oxymoron. There Are Signs China Is Warming Up To Crypto After banning crypto trading and exchanges last year, it’s easy to believe that China hates cryptocurrencies and wants to see them.
However, there are plenty of signs that China is preparing to become the. First, the Chinese government-operated Center for Information Industry Development continues to release crypto rankings. The unexpected rankings have been released monthly since the start of 2018. The rankings, interestingly enough, frequently place bitcoin outside of the top 15 best cryptocurrencies, favoring decentralized, application-rich ecosystems like EOS and Ethereum instead. Another sign is that China recently signed a crypto regulation deal with South Korea.
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The two countries agreed to setup similar regulations related to cryptocurrencies and initial coin offerings. Meanwhile, a reported 3 million Chinese citizens continue to quietly “hodl” their crypto despite the ban.
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Another sign that China is warming up to crypto is the fact that Bitmain, based in Beijing, continues to be the world’s largest crypto hardware company, per year. Mining power is becoming increasingly centralized in China, and this will undoubtedly play in China’s favor moving forward. For all of these reasons and more, there are signs that China is warming up to – even embracing – crypto. That could mean good things for a Chinese state-backed cryptocurrency moving forward.
The Digital Currency Research Lab at the People’s Bank of China has filed more than 40 patent applications so far – all as part of an aim to create a digital currency combining the core features of cryptocurrency and the existing monetary system. Data from China’s State Intellectual Property Office (SIPO) revealed two new patent applications on Friday, pushing the total number submitted by the lab to 41 over the 12 months since its. Each of the 41 patent applications focuses on a certain aspect of a digital currency system, and, when combined, would create a technology that issues a digital currency, as well as provides a wallet that stores and transacts the asset in an “end-to-end” fashion.
For instance, the most recently revealed patent application explains how the envisioned digital wallet would allow users to check any transactions made through the service, while earlier documents offered details on how the wallet can facilitate transactions. The ultimate goal, according to PBoC’s patents, is to “break the silo between blockchain-based cryptocurrency and the existing monetary system” so that the digital currency can sport cryptocurrency-like features, while being widely used in the existing financial structure.
Last week’s patents further explain that the envisioned wallet would not be limited, like a typical cryptocurrency wallet, to merely storing the private key to a certain asset. Nor would it be like another mobile payment service that only reflects a number on an application’s front-end interface without users actually holding the assets in a peer-to-peer manner. Instead, the patents indicates the wallet would store a digital currency issued by the central bank or any authorized central entity that is encrypted like a cryptocurrency with private keys, offers multi-signature security and is held by users in a decentralized way. The research lab said in one of the documents that it believes it is building a mechanism that makes a crypto-featured digital currency more applicable in the financial world. The hybrid approach is also in line with opinions shared by the PBoC’s vice governor and, the head of the research lab, who have both argued for a balance between the two polars of centralization and decentralization.
Overall, the patent applications filed so far signal the continuous efforts made by China’s central bank to develop its own central bank digital currency, as well as to potentially widen the application’s role among other central institutions. The lab notably commented in a patent application released in November 2017: “The virtual currencies issued by private entities are fundamental flaws given their volatility, low public trust, and limited useable scope.
Therefore, it’s inevitable for the central bank to launch its own digital currency to upscale the existing circulation of the fiat currency.” Read one of the most recent patent applications below: by on Scribd image via Shutterstock.