It’s no secret China’s government never favored Bitcoin, nor any of the popping altcoins. This, however, never stopped the country form developing their own cryptocurrency. Which, according to some sources, will compete with Facebook’s Libra Coin.
Insider’s source reported China’s coin will share a certain amount of similarities’s to the newly announced stablecoin from Facebook.
“We should take the initiative to participate in this new competition in the digital economy. We should further liberalize the academic and technical discussions on encrypted digital currencies and rapidly raise the level of understanding of the digital economy competition among Chinese industry players”. – said Wu Changhai, Deputy Dean of the Institute of Capital and Finance of China University of Political Science and Law.
Wu emphasized on the importance of China transforming into a leading nation in tech, and in cryptocurrency.
Another expert expressed his opinion on that matter. Deputy Director of the People’s Bank payments department said:
“The legal digital currency is a substitute for banknotes. The central bank issues it. The general encrypted digital currency itself does not have a monetary function. The government cannot hand over the currency distribution rights to a company. This idea is impossible to achieve for a long time.”
Adopting such a technology means the end of fiat currencies, and traditional banknotes is coming.