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After India, China keen on launching state-owned cryptocurrency

2019-11-30

China is all set to launch its own cryptocurrency. The country has been taking steps to ensure that there are no negative posts or articles around cryptocurrencies or blockchain technology, which enables the existence of virtual currencies. The Chinese government has been, for the last few weeks, removing all the online posts claiming blockchain technology is a scam, reported The Independent.

According to the UK-based publication, the move marks a significant shift in the country’s policy towards blockchain. It comes just days after President Xi Jinping hailed it as an “important breakthrough” that should be developed.

It further added advertisements for blockchain courses have suddenly started popping up on several social media sites in the country, thus speaking volumes about the focus on blockchain technology.

“China has also passed a new law, which will come into effect on 1 January, aimed at facilitating the development of the cryptography business and ensuring the security of cyberspace and information,” according to the article that added “It is understood that the new law will precede the launch of China’s state-backed cryptocurrency, which is expected to be unveiled early next year. No specific dates have been given.”

However, it is important to mention here that China’s central bank, which began exploring the possibility of creating a cryptocurrency in 2014, had imposed a ban on bitcoin exchanges and other cryptocurrency platforms in the country.

China’s plan to launch its digital currency while banning other crypto-exchanges is a move quite similar to that of India’s.

The Indian government, in July this year, said that it wants to criminalise all commercial dealings in private cryptocurrencies but it would encourage blockchain technology. An inter-ministerial committee set up by the Government, to study the ecosystem, had admitted that the distributed-ledger technology (DLT) behind digital currencies can have positive effects if deployed in financial services and suggested that has suggested that India must consider introducing an official “virtual currency” to replace private cryptocurrencies such as Bitcoin, Ripple, Ethereum etc. At present, trading in cryptocurrency is illegal in India. In July last year, the country’s central bank, RBI, had imposed a banking ban on entities dealing with the cryptocurrencies following which the entire ecosystem has collapsed with several big players such as Zebpay, Koinex and other downing their shutters.

Meanwhile, according to Coindesk, Bitcoin is likely to rally in November with a price-positive event due in six months. The portal, which tracks major movements of cryptocurrencies closely, added that Bitcoin, the leading cryptocurrency, in October recovered sharply from five-month lows below $7,500 at touched $10,000 levels.

“The rally could be extended further next month, as the cryptocurrency is set to undergo a mining reward halving in May 2020. The process is aimed at curbing inflation by reducing the bitcoin reward per block mined on the blockchain by 50 per cent every four years,” the portal added.

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