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Chinese Currency Renminbi is Becoming Cryptocurrency, Says Blockchain Expert

By Mary T. | April 23, 2019
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Chinese Currency Renminbi is Becoming Cryptocurrency, Says Blockchain Expert

Blockchain Research Institute Executive Chairman, Donald Tapscott officially announced that the Renminbi (RMB) Chinese coin has been considered a cryptocurrency.

According to a report conducted by Bloomberg, Tapscott revealed that a conference between himself and the Communist Party in China vice-chairman was held, during which the official mentioned that President Xi Jinping shared a positive perspective towards Blockchain being the key technology in China’s future development.

“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”

Tapscott added regarding the announcement of RMB turning cryptocurrency, along with the rumors about Bitcoin restriction in China.

Tapscott also shared that decentralized crypto exchange platforms will be granted the proper licenses, which would allow them to operate normally in the Chinese region despite the government’ strict policy towards ICOs and digital assets, as Tapscott believed decentralized exchanges have some significant advantages over centralized ones, especially security, transparency and identity features.

In spite of the ongoing discussion towards crypto mining among Chinese officials, China still plays a big role in the global crypto market, with a majority of Bitcoin mining pools are run by China-based firms such as Bitmain.

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