China has not been welcoming of Bitcoin and digital currencies. It was rumored that the country was planning on issuing a central bank digital currency although nothing has been seen as of yet.
According to a survey conducted by Tencent Financial Science and Technology Think Tank, 51 percent of economists in the country are in support of a central bank digital currency. The Survey was conducted in the form of a questionnaire with the respondents being 100 Chinese economists.
According to the survey:
Under the background of the Bitcoin bubble, the future of digital currency is different and economists disagree. 51% of economists support the central bank to try to issue digital currency. Supporting and opposing the central bank’s attempt to issue digital currencies is almost equal, and it also shows that there are still many uncertainties in the future of digital currencies [in China].
The survey further revealed that cash transactions in China are declining while the focus is shifting to electronic payments. With such shifts, the survey noted, the future will demand of a central bank digital currency owing to the digital future.
To get a highly professional take, the survey drew the 100 economists among the top institutions. They included economists from investment banks, research institutes, and universities.
In regards to the general blockchain technology of which China has taken a significant interest:
33% of economists believe that blockchain technology is of great significance; 32% think it is general; 19% think it is of little importance.
Although such disagreements may be normal, they depict that the distributed ledger technology is still to be viewed as a revolutionary power in the country.
Other things that the survey sought expert opinion on was the Chinese tax burden, the property market, and the economic growth.
Do you think the future will demand China to develop a central bank digital currency?
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