chepicap.com
It has been reported by Cointelegraph that according an expert who has spoken to sources within the Chinese government that the central bank of the nation is considering turning the national currency, the renminbi (RMB), into a cryptocurrency.
The expert is Donald Tapscott, executive chairman of the Blockchain Research Institute. He was recently interviewed by Bloomberg, and during the interview the subject came up of the looming possible ban on crypto mining within the country. As a part of his response, Tapscott had this to say:
"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."
In addition to this, Tapscott discussed how he felt that decentralized exchanges (DEXs) will eventually dominate over centralized ones. This is due to the fact, he feels, that DEXs have a better ability to deal with "bad behavior," presumably meaning something akin to wash trading or possibly money laundering. He believes even non-crypto assets such as securities will eventually be traded on DEXs.
Ultimately this is still a ways down the road, but it is altogether possible that one day China will convert its fiat currency into crypto. When it does, stay right here with Chepicap for all updates!
Key levels: if Bitcoin breaks $5300, this is the upside! Subscribe to the Chepicap YouTube Channel for more videos!