China Becomes First Country in the World to Test a National Cryptocurrency

China's central bank has developed its own cryptocurrency, which is now being tested. Cryptocurrencies have the potential to not only benefit China, but the rest of the world, due to their basis in blockchain.

BENEFITS OF DIGITAL CURRENCY

China’s central bank — the People’s Bank of China — has developed a prototype  that it could end up in circulation in the near future. It would be introduced alongside the China’s primary currency the renminbi (also called the yuan). China will be simulating possible scenarios and running mock transactions using the cryptocurrency with some commercial Chinese banks.