E-Yuan - China's National Cryptocurrency
Cryptocurrencies have increasingly grasped the headlines and the minds of investors around the globe. And governments too are ramping up their efforts: 7 out of 10 countries are in the process of evaluating or developing their version of a national cryptocurrency. One country in particular has taken huge strides in the realm of Blockchain and cryptocurrency: China. The have now launched a new Yuan-backed E-currency.
President Xi Jinping has made Blockchain technology one of the country’s core elements in the next stage of China’s industrial transformation and technological innovation. With the launch of China’s official crypto currency (the e-Yuan), China has taken a critically important step on that journey.
And, according to various news sources, particularly in Asia, investors have received the new currency with open arms, keen to get a piece of the e-Yuan, hoping that it will rise to the levels achieved by Bitcoin.
However, there is still considerable uncertainty about how much the e-Yuan will be included in China’s financial system. Critics of the currency claim that the state-controlled currency will never become completely decentralized from the government.