China’s ‘Official’ Virtual Currency Could Be Arriving “Quite Soon” To “Challenge The U.S.”
- China’s ‘Official’ Virtual Currency Could Be Arriving “Quite Soon” To “Challenge The U.S.”
by Tyler Durden, https://www.zerohedge.com/
As if the trade war – and soon to be currency war – between China and the U.S. needed another wrench thrown in its gears…
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China sent cryptocurrencies tumbling on Friday after re-cracking-down on exchanges that are operating illegally against authorities’ ban. … It appears that China’s blockade on non-government-sanctioned crypto trading, could be on its way to launching its own digital currency within the next 6 to 12 months, according to fund manager Edith Yeung, who recently appeared on CNBC.
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The Chinese government has been researching the idea over the last few years and has reportedly identified entities to use for a potential rollout, Yeung says.
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“It’s really been something (that’s) been in the works for the last few years,” she said on Wednesday during an interview. Yeung is a partner at blockchain-focused venture capital fund Proof of Capital.
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When she was asked how long it might be before the launch becomes reality, she responded “Quite soon. So I definitely think within the next 6 to 12 months.”
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And China has recently embraced blockchain, with state media reporting that President Xi Jinping said the country should look to “take a lead” in the technology.
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