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China has a State-backed Digital Currency

China has a State-backed Digital Currency

The world of cryptocurrencies and blockchain has been taken to a new level in China and with the focus on technology, supported by the government, China is moving fast. Many experts are now saying that the US is falling behind and that the future may belong to China. Beijing is now giving support to this ecosystem and with corporate investment, it will become a big player according to an article on CNBC. Rae Deng, founding partner of Du Capital, a crypto investment firm in Singapore was speaking to CNBC at the East Tech West conference in Guangzhou, China.

Ms Deng sees the Chinese investment increasing and Beijing participating in a flourishing crypto scene which is soon to come. In late October, the global crypto market rallied after Chinese President Xi Jinping said that his country would “seize the opportunity” that blockchain technology presents – Bitcoin briefly rallied above the $10,000 level as a result. And China is now said to be rolling out its state-backed cryptocurrency in two to three months. Some analysts are saying that the state-backed coin would mean that China could internationalize the yuan and make it a competitive partner with the US for global economic dominance.

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