China prohibits cryptocurrency fundraising and trading platforms out of fear of stoking financial instability. Photo: Reuters
China digital currency: could backing bitcoin as an investment help promote its sovereign digital currency?
- Chinese officials have endorsed the use of cryptocurrencies as investments but not as mediums of exchange, due to fear of stoking financial instability
- However, financial authorities appear eager to use cryptocurrency research and blockchain technology for development of the sovereign digital yuan
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China prohibits cryptocurrency fundraising and trading platforms out of fear of stoking financial instability. Photo: Reuters