Renminbi Chinese Currency To Officially Become A Cryptocurrency

Renminbi, Chinese currency, the official currency of China (RMB), should become a cryptocurrency in the future according to Donald Tapscott.  He is the executive chairman of the Blockchain Research Insitute and was interviewed a few days ago so we read more about in the altcoin news below.

In the interview with Bloomberg, Tapscott revealed that he met with the vice-chairman of the Communist Party in China and discussed the future of the country. They also discussed the Renminbi Chinese currency since the crypto and blockchain technology is the future of the country.

Speaking about the government’s stance on cryptocurrency and the ban, Tapscott pointed out that China is looking into banning crypto mining as well but this could have a huge impact on the Renminbi Chinese currency.

He added on the usage of the Renminbi Chinese currency:

 “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 also gave a long explanation on decentralized exchanges as all of the best cryptocurrency news sites reported. He explained the Initial Coin Offering ban in the country and said that the government has a harsh stance towards using digital currencies. He suggested that decentralized exchanges should outperform the centralized ones since they have the ability to be more transparent and can identify ‘’bad behavior.’’ All assets, including the Renminbi Chinese currency, should join the decentralized exchanges according to Tapscott.

The Chinese authorities are discussing the possible ban on crypto mining. The National Development and Reform Commission (NDRC) added crypto mining on the revised list of industrial activities. The agency believes that the crypto activities don’t provide safe production conditions. However, the country is a huge player in the bitcoin market since the Renminbi Chinese currency is often traded against the number one cryptocurrency. China is also one of the largest bitcoin mining pools owner.

Bitmain for example, in 2018 operated about 11 mining farms in China so he was affected by the national agency’s reported plans. As for the blockchain technology, China is also among the places in the world with the largest number of blockchain projects. There are currently more than 264 projects. This is also one of the reasons why the Renminbi Chinese currency should become an official cryptocurrency.