China’s position on cryptocurrency became even blurrier after a government official said that Beijing is considering minting its own state run digital currency.
Yao Qian the Director of the Digital Currency Research Institute, laid out a clear vision for a state-run digital currency at a meeting hosted by the International Telecommunication Union.
Yincai news agency reported that Yao pitched a state-issued cryptocurrency as a way to stabilize the yuan which has undergone repeated devaluation since 2015.
Yuan instability has been a primary catalyst for bitcoin adoption in China over the past two years.
The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one.
In Yao’s view, bringing digital currency under the purview of government creates tangible value that promote stability.
China can do its thing. We don't need China for BTC to survive. But it would be better if they still tag along BTC.
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That's right we don't need China, but would make it easier for those investors whose willing to move abroad just to get back into crypto business.
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