Chinese Central Bank People’s Bank of China seems to be mulling launching its own cryptocurrency. This will be a big move because of the sheer size of the Chinese Economy and the number of economies it controls indirectly.
It has been recently reported that they have filed no less than 40 patents. This is not an isolated incident, banks in the US have been filing one patent after another and London seems to be looking at the possibility of a cryptocurrency launch.
The Chinese plan is to create a digital currency that combines the core features of cryptocurrency and the existing monetary system. Ideally speaking, this could be the best approach so far. We at OiX have also strived for the same – take the power of blockchain and marry it with the traditional ways of issuing securities.
Where the Chinese approach differs from the others is its application. While most government-backed digital currencies do not compete with fiat in public usage, it does. Their patent filings show a focus on a “digital currency system” that provides a wallet much like a bank account for end-to-end transactions.
This could mean that China might selectively start approving some cryptocurrencies for trading purposes. This will be required if cross-border transactions were to use the digital Chinese currency.
The way it is being structured, possibly, it can sport cryptocurrency-like features and still be widely used in the existing financial structure.
This excites us at OiX because this is a direct step towards more legal acceptance of the technology. If only US, UK and India were to join the party.
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