China is planning to ban Bitcoin
Bitcoin was in a fast rise for the recent few months. After Trump’s election as president, those in the US who thought that the government would be softer towards Bitcoin and other digital currencies began to invest in Bitcoin and as a result, the value of the digital currency exceeded the value of 1000 dollars and reached its historic peak.
However, this rapid rise reversed with a news from China.
Officials of the People’s Republic of China announced in 2017 that the country will use their own digital currency. Bitcoin is thus rapidly depreciating as it is likely that the use of digital currencies such as Bitcoin will be banned in the country and that the official digital currency developed by China’s Central Bank will be used.
Will the Chinese stop using Bitcoin?
Chinese market is a market where online shopping is very strong and digital currency is very busy. Therefore, leaving this type of online payment out of use in this market means a very heavy depreciation.
China will use its national digital money, which it will test in 2017, as the country’s official currency, Yuan’s digital form, and the digital money will be a counter-currency. Over time, the paper is supposed to leave the money on the digital money.
The Bank of China is working with six academics specialized in the field to develop the country’s official digital currency, and these experts are working to produce a safe, imitative, irrevocable blockchain currency.
The Digital Yuan, unlike Bitcoin, will be a trackable currency. Who has the money, how much money he has sent to whom, how much he has received can easily be followed.