Isn't the point of cryptocurrency to eliminate central banking control on money? I'm new to this but that is what I understood from what I read so far.
RE: China Becomes First Country in the World to Test a National Cryptocurrency
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China Becomes First Country in the World to Test a National Cryptocurrency
Yes, decentralization is the key to all crypto currencies. And the currency being developed by China will also be decentralized as it is using blockchain.
There could be many advantages of govt introducing cryptocurrency. As the article reads "The potential benefits of developing a digital currency are significant, particularly in China. First, it would decrease the cost of transactions, and therefore make financial services more accessible, which would be a big help to the millions of people in the country who are unconnected to conventional banks. Second, as it would be supported by blockchain, it has the potential to decrease the rates of fraud and counterfeiting, which would be of service to the government’s attempts to reduce corruption — a key concern. Third, it would make the currency easier to obtain, which would increase the rate of international transactions, allowing for more trades and faster economic growth."
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