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 leading multi-asset liquidity and full suite FX technology provider headquartered in Singapore with over 15 years of established global presence in Hong Kong, Malaysia, India, Cyprus, Thailand, and China. We specialize in performance-driven and bespoke solutions, serving clients across more than 500 countries with our liquidity aggregator technology, brokerage, and exchange solutions suite, as well as enterprise blockchain development.