China is experimenting with its own cryptocurrency
By Prempal Singh
Gold Rush cryptographic currencies continues, and many believe that the most populated country in the world has played no role in it.
It is reported that the People’s Bank is currently testing its own cryptocurrency. It stirs rumors that China will become the first country in the world to launch a national cryptocurrency. It is reported that conducted testing of the prototype digital currency using the test transactions between commercial banks of China.
National Bank has not made any official statements about the development cryptocurrency, therefore, can not be called the terms of its possible appearance. Since May, Palestine and Russia have expressed a desire to acquire a national cryptocurrency. For Palestine it can solve two major problems: the country does not print the real money and may be able to import funds, bypassing Israel.
In China cryptocurrency can be used by millions of citizens who do not have access to traditional banking services due to lack of infrastructure. Further, percentages for transferring funds will be significantly lower than in the case of physical money.
At the same time cryptocurrency can afford to fight corruption by tracking remittances and produce more detailed picture of the state of the economy in real time. Certainly the appearance of such a currency would give investors confidence and gave new impetus to the market as a whole cryptocurrency.