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Chinese bank introduces digital-currency, based on decentralized blockchain technology

Chinese Bank introduces digital-currency according to new reports coming in. The new Chinese cryptocurrency will allow Beijing to enjoy greater control over its financial system making it comparable to cryptocurrencies based on decentralized blockchain technology.

With your help, the People’s Bank of China will improve its ability to eradicate risks and combat money laundering, reports FanYifei, People’s Bank of China deputy governor.

Initially, the coin will replace cash. According to patents registered by the Central Bank of China, consumers and businesses will have to download the mobile wallet where they exchange their yuan for the digital currency.

“The most important thing is that the People’s Bank of China will also be able to track users who make these exchanges,” he further explained.

In turn, Fan, suggested that banks should present information on these transactions on a daily basis and that limits could be introduced to these operations carried out by natural persons.

More: “It is the worst speculative bubble in the market since 1929 and it will explode”

The ex-Governor of the Central Bank of China, ZhouXiaochuan, launched the Chinese digital currency project to protect the Asian country against the need to adopt standard technolog y, such as bitcoin, which was designed and controlled by the public.

According to Bloomberg, several documents published in October report that the new cryptocurrency will require banks to enter data about their borrowers and interest rates before transferring their funds.

The financial entities that try to lend their money to companies included in the government’s blacklist will not be able to do so automatically.

Since August, the Central Bank of China has accumulated 44 patents related to blockchain technology, which allowed it to occupy the fifth place in the list of entities that have the largest number of this type of documents, according to IPR daily.

This is not the first time that the Asian country has opposed bitcoin. In 2017 China banned the exchange of cryptocurrency and declared the initial offer of coins illegal.

As the Chinese Bank introduces digital-currency, can we expect to see other countries in the region following suit? Let us know your thoughts in the comment section below.

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Hey there! I am Tobias Kumwenda, an IT bank professional turned into a Cryptocurrency and Blockchain proponent from Blantyre, Malawi. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about Cryptonomics and eating if I am not doing anything else.

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