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Digital yuan as a result of customs war

12/19/2018
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  • China_cryptocurrency
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According to the International Monetary Fund, 15 countries have declared openness regarding cryptocurrency. China stands out significantly in this series. And not only because it is the second economy of the world. More important is the persistence with which Beijing is working on the development of the blockchain.

The shocking results of a Bloomberg study

The company Bloomberg conducted a study of the actions of the Chinese authorities in the field of blockchain and made an important conclusion - they are preparing to create a national cryptocurrency. However, this is no secret. Even the last deputy head of the People’s Bank of China announced work in this direction. His successor, Fan Yifei, confirmed that the country could someday replace the fiat money with the state cryptocurrency.

Development is underway at the Beijing-based Digital Currency Institute, which is controlled by the NBK. It has already registered 78 patents in this area. The institution is in constant search for new technologies and employees. It actively attracts developers in the blockchain area. Initially, the purpose of the research was to counter the proliferation of uncontrolled cryptocurrencies, but now they have moved to another direction.

An investigation by Bloomberg showed that the national cryptocurrency will allow tightening control over the financial system:

  • almost any user can be disconnected from payments;
  • information on each transaction is transmitted to the regulator;
  • the creation of a social lending scheme.

Experts link the intensification of NCB actions with the customs war that broke out in 2018. Although the United States and China signed an agreement to freeze the "fighting" for 90 days, Beijing has drawn the appropriate conclusions from the confrontation. In the event of an escalation of the conflict, he gets an additional level of pressure on the United States.

Now the US national debt exceeds 21 trillion dollars. If China can offer the world an alternative financial instrument, the global economy will face serious shocks. First of all, they will be associated with the redistribution of liquidity flows from North America to Asia.

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