has been notoriously harsh on the development of , imposing a ban on investing and into digital assets, including . However, the executive chairman for the Research Institute believes that in 20 years, Chinese national fait currency will be replaced by a version.
Donald Tapscott, speaking in an with Bloomberg on April 17, said that the Chinese renminbi (RMB), will likely undergo a transformation into format, despite the country’s current stance against the industry. Tapscott told Bloomberg of a meeting he had with a vice-chairman in the Communist Party of , who revealed that President Xi Jinping is bullish on the outlook of and views it as one of the most important technologies for his country’s development.
, which has caused a recent stir with rumors that the country will crackdown on –in addition to its current stance towards and investing–state that the ban was likely short-lived,
“It’s not really necessary to do that [to ban exchanges and ] because in 20 years we are not going to be using in . Chinese people will use the RMB, only the RMB will become a . The central bank of will turn it into a digital currency.”
Industry analysts have pointed to the development of decentralized exchanges (DEXs) as a way to circumnavigate political influence on marketplaces. While Tappscott contends that DEXs are one way to operate in , he reports that the country is adamant on clamping down on all forms of crypto-based investment.
Instead, Tappscott believes that the future of decentralized exchanges is to supersede existing centralized platforms, thanks to what he calls their transparent framework and ability to identify manipulation. Tappscott could see a broader market migration to DEXs, including securities.
Despite having the majority of the world’s largest pools based in , the country is giving indications of a looming crackdown on . Chinese authorities have been discussing the issue, with the National Development and Reform Comission (NDRC) reportedly including in a revised list of activities to be shut down. Among a number of issues, the agency finds that wastes resources and pollutes the environment, harping on the point that is not energy efficient.
However, is also leading the world in the number of projects under development, despite the government’s stance towards investing in . Even if digital assets continue to be a point of contention for politicians, the technology of has garnered serious interest, with 263 -related projects underway–a full quarter of the global total.
Tappscott’s comments reflect a growing belief that tokenized currencies, supported by , will be the future for fiat as money turns digital. The renminbi, propelled by ’s massive boost in development, could make the transition to even if the government ban continues. Compared to other countries, the Communist Party of seems primarily concerned with staying ahead of regulatory control over crypto, even if they recognize the value of the underlying technology.
Published at Sun, 21 Apr 2019 23:19:15 +0000
