China’s New Bitcoin Rival to Displace Banks and Boost State Surveillance, Report Says
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China’s plans for a state-backed cryptocurrency could eliminate the need for bank accounts, new research has suggested.
The PBOC first started researching the potential of a new cryptocurrency in 2014, however according to Binance’s report, the development of the cryptocurrency was fast-tracked after Facebook first announced its plans for Libra earlier this year.
“Digital currencies are coming into the mainstream and international competition is heating up. Economies risk being disadvantaged if they are left behind,”Don Guo, CEO of Broctagon Fintech Group, told The Independent.
“China’s new currency could even rival Facbook’s notorious proposed cryptocurrency, Libra. This is largely because Facebook is not permitted in China, giving the government a potential monopoly over the market.”
Read the full article on The Independent.
About Broctagon Fintech Group
Broctagon Fintech Group is a multi-asset liquidity and technology provider headquartered in Singapore with over 10 years of established global presence in China, India, Russia, Cyprus, Hong Kong, Thailand and Vietnam. With our decade of serving satisfied clients in 50 countries, Broctagon is well-equipped to elevate companies through performance-driven and flexible turnkey solutions such as our liquidity aggregator technology, brokerage technology solutions, and enterprise blockchain development.