On Sunday, the reports started leaking from China: Xinhua agency and its respected newspaper founded in 1931, have featured a bitcoin story at the front page! Under the title “Bitcoin: the first Successful Application of Blockchain Technology” they have presented the technology in a surprisingly objective and positive manner. What does it mean?
This is one of the strongest signals that China is getting warmer on blockchain cryptocurrencies, after several years of desperately unsuccessful attempts to ban mining and trading bitcoin on its territory. First, on October 28th, Chinese President Xi Jinping gave a speech embracing blockchain technology and calling on his country to advance development in the field. It was revealed that China's central bank, the People's Bank of China (PBoC), has been working on its own digital currency, and furthermore, yesterday, on November 12th, Reuters came up with the report on the project, citing Mu Changchun, head of the People’s Bank of China’s digital currency research institute, who has given a press conference in Singapore.
As you may know, recently, U.S. lawmakers has scared off all the Facebook partners in their scam project called “libra”. Zuckerberg and his followers cried out foul, pointing out a concern that “China will gain tecnological advantage!” Well, breaking news for them: China already has immense, and unattainable technological advantage, and now it is going just to execute that advantage into the real world — they are 5G leaders, they have rockets that can reach the Moon for real, they are leaders in quantum communications, and now — quite naturally — they are preparing an attack to the defunct Bretton Woods financial system based on the U.S. dollar.
After the unsuccessful war on bitcoin, China recently quietly endorsed its mining, and now China’s Central Bank (PBoC) is using a new system of certification of 11 types of fintech hardware and software products relating to digital payments. So, when we have clear signs of the cryptocurrency technology adoption, there is a natural question: When can we expect China’s Central Bank Digital Currency? And the answer is: Sooner than you think!
Three months… Opening its enormous economy for a trade using cryptocurrencies, and launching its own cryptocurrency (even if it was backed by gold) will end the dollar reign in a blink of an eye. You think it’s impossible? You have to know one thing for sure: China is a planet in itself. China can live without USA, because its own gigantic market. But USA without China market would be reduced to a second rate, debt ridden economy. Someone, please inform Trump.
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