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The People’s Bank of China (PBoC) – China’s central bank, which is in charge of overseeing the development of an official state-issued cryptocurrency – apparently plans on intensifying tits work behind the scenes to ensure the cryptocurrency arrives here soon.
You will recall that China’s government has been hinting on this official digital coin for a while now. The director of China’s central bank’s research bureau also hinted on it last month when he reiterated that the bank is considering developing its own virtual currency while paying attention to domestic and international digital assets. Now, it seems the virtual coin might get here sooner than we thought.
This was revealed during a video conference held earlier this month, on August 2nd precisely, by the People’s Bank of China. In the conference, which was organized to discuss the priorities of the bank going forward, China’s central bank stated that it intends to take the issue of cryptocurrency pretty serious in the second half of 2019.
As a matter of fact, not only will the crypto market be closely monitored, but it also plans to expedite its research and plans of developing an official virtual currency. Adding to that, the PBoC also asserted that it would intensify financial risk remediation together with its policy propaganda interpretation. PBoC also promises to respond quickly and better to social concerns.
Creating an official virtual currency may turn out to be an advantage to the country. It will be a great step towards handling the politicization of SWIFT by the United States of America.
Countering Facebook Libra with Easily Regulated Cryptocurrency
Commenting on the plan for an official crypto coin, the founder and chief executive officer of the giant mobile technology company Huawei, Zhengfei Ren, advised that the idea is a good one and that China entering the crypto space will cause a great impact, even more than the proposed impact of Facebook’s digital coin, Libra. According to Ren, China has more power than Facebook and as such, it should cause a greater impact on the crypto ecosystem.
Following the increasing concerns surrounding cryptocurrencies by governments, many countries have delved into stringent regulatory methods while others are taking the regulatory framework up a notch by designing and launching, an official state-issued crypto coin that can be easily regulated.
The Chinese government happens to be one of the many countries which seems to believe an official crypto coin will do more good than allowing all sorts of other cryptocurrencies to creep into their economy.