Do you want to know the secret plan for China-related to bitcoin and cryptocurrency? Check this article

When Mr. Nakamoto introduced Bitcoin & cryptocurrency to the world in 2008, this man pitched it as a way to end the power of central authorities in finance. In 2018 Beijing is adopting this great project behind Bitcoin to do the exact opposite.

Beijing government with the help of China central bank plans to introduce an e-currency

But unlike blockchain technology, decentralized offerings, could give Beijing more control over its financial system. This would strengthen the PBOC’s ability to eliminate risk and combat money laundering. It could also give the government an unprecedented window into the privacy of individuals.

China’s Secret plan for Bitcoin replacement

Beijing has accumulated dozens of blockchain patents. Crypto fans will not like what will follow.

China Central Bank

The currency would initially replace cash, said in an article earlier this year, “Fan Yifei,” deputy governor of China. According to patents filed by the central bank, clients and Small businesses would download a portfolio and exchange their yuan in digital money, which they could use to make and receive payments. Crucially, the PBOC could also follow whenever money changes hands. This Lader suggested in his article that banks should submit daily transaction information and that transactions by individuals would be limited. The China government declined to comment. (source)

The project was launched by former central bank governor Zhou Xiaochuan. He decided to develop cryptocurrency partly to prevent China from adopting a technological standard, such as Bitcoin Tekken, designed and controlled by startups.

China banned cryptocurrency and initial offers of coins last year.

Since 2016, PBOC software developers have registered 78 patents in digital currency, according to a count of intellectual property deposits in China by Bloomberg News. In August, the bank had 44 patents related to blockchain & cryptocurrency ranking fifth in the world, according to the Chinese publication Chinadaily on trade.

The Chinese Communist Party website has published an introduction to blockchain technology, which includes discussion points about its main features, use cases, and challenges.

The Central Bank of China, the People’s Bank of China (PBoC), is supporting the development of a blockchain-based trade finance platform that will streamline interbank payments and help SMEs access a wider range of services. financing tools

The Supreme People’s Court of China has issued new rules stating that blockchain technology is an approved method for storing and authenticating digital evidence

The Bank of China, not to be confused with the PBoC, has revealed its intention to invest aggressively in the development of fintech technology and blockchain technology