Ban all cryptocurrencies China announced a cryptocurrency

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The people’s Bank of China is close to issuing its own cryptocurrency, which the experts worked during the year, reports Bloomberg referring to the words of the Deputy Director of the payments Department of the organization of Mu Changchun (Changchun Mu), who spoke at the China Finance 40 forum.

He did not disclose details of the development and the release date, but reiterated that this digital currency will replace cash and other cryptocurrencies, and will also help the circulation of RMB in the world. As follows from the patents, users and businesses will be able to download the mobile wallets and exchange their yuan into the digital currency, and then to make the payments. The Chinese Central Bank will have full control over all operations.

In turn, the representative of the state Administration of China on foreign currencies Tanzi sun (Sun Tianqi), speaking at the same forum , outlined the attitude to foreign cryptocurrency. He explained that, for example, cryptocurrency Libra from Facebook will equate to foreign currencies and put under state control on Forex.

Previously, the idea of cryptocurrency from Facebook criticized the authorities of several countries, including the UK, USA and Russia. They all expressed concern that Libra poses risks to the global financial system due to uncontrolled movement of capital.

The Chinese government many years struggling with the cryptocurrency on its territory. In 2013, financial institutions banned transactions with them, in 2014, banks and payment systems had to discontinue billing service for cryptocurrency trading, and in 2017 the operation of the currency exchanges declared illegal. Thus, Chinese citizens are not left legitimate ways to buy and sell cryptocurrency. But the development of blockchain technology Beijing encourages. This objective is inscribed in the five-year development plan from 2016 to 2020.

Video, photo All from Russia.

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