bitcoin, central bank digital currencies, china, digital currency, digital currency electronic payment, digital wallet, state cryptocurrencies
Following the bankruptcy of Lehman Brothers and the Financial Crisis of 2008, the popularity of cryptocurrencies started to surge. Unlike regular state-backed currencies, cryptocurrencies are decentralized in nature, meaning that no one has any absolute control over the production and distribution of such currencies. Soon, Bitcoin emerged to be the leading digital currency in the ...
It has long been speculated that Beijing was planning to launch a government-backed cryptocurrency. Now, sources have confirmed that it is true. Mu Changchun, deputy director of the People’s Bank of China’s (PBOC) payments department, recently remarked that the state’s cryptocurrency will be launched very soon. The cryptocurrency “Unlike decentralised blockchain-based offerings, the PBOC’s currency ...
