China prohibits cryptocurrency fundraising and trading platforms out of fear of stoking financial instability. Photo: Reuters
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

China prohibits cryptocurrency fundraising and trading platforms out of fear of stoking financial instability. Photo: Reuters
China prohibits cryptocurrency fundraising and trading platforms out of fear of stoking financial instability. Photo: Reuters
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