Bitcoin surge could be driving digital yuan interest, says People’s Bank of China

The cryptocurrency space could help bring out its rivals after a spokesman for the People’s Bank of China said the recent rise of bitcoin (BTC) has sparked new interest in the national digital yuan project.

The digital yuan is the digital currency of the Chinese central bank, and like all CBDs, its underlying principles are completely opposite to those in the cryptocurrency space.

The fundamental cryptographic concepts of decentralization and autonomy are abandoned in favor of centralization and surveillance, to make it easier for government agencies to control the flow of money. The digital yuan is also expected to play a central role in China’s urban ambitions, which aim to make entire cities cashless in the coming years.

But the PBoC believes the very high interest in the digital yuan is a result of bitcoin’s recent rise to new all-time highs, even though the cryptocurrency is still banned in China.

PBoC research director Wang Xin said interest in the digital yuan was partly spurred by other countries’ ambitions to follow suit, and by the rising price of bitcoin. According to a Mandarin translation of his comments to CNBC, Xin said:

This is partly due to the fact that more and more central banks around the world are getting involved in the development of national digital currencies. On the other hand, this percentage increase could also be the result of a sharp rise in the price of bitcoin.

In recent years, China has conducted numerous pilot projects with the digital yuan. Experiments have expanded to include biometric hardware wallets, street vending machines, national lottery draws, etc.

Related Tags:

digital yuan price,dcep,yuan crypto news,bitcoin yuan,china digital yuan price,buy yuan cryptocurrency,Privacy settings,How Search works,will cryptocurrency boom again,is cryptocurrency going to rise again

Recent Articles

How to Buy Everex (EVX) | Step By Step Guide 2018

Everex is a platform that aims to bring the benefits of blockchain technology to emerging markets. With its own cryptocurrency, EVX, Everex allows users...

Visa and Worldpay Take Blame for Erroneous Charges on Coinbase

A recent report from the Wall Street Journal revealed that two of the largest payment processors, Visa and Worldpay, were responsible for erroneously charging...

Conflux Network Price Prediction – How Much Will CFX Be Worth in 2021?

Conflux has a bright future ahead of it. With the release of their new platform and the upcoming changes, we believe that this coin...

How Long Does it Take to Mine a Bitcoin?

Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. Mining is...

Siacoin Price Prediction for 2020, 2022, & 2025 – Crpyto Coin Society

Siacoin is a decentralized storage platform. The company’s goal is to provide a decentralized cloud storage network, which will allow users to store and...

Related Stories