Topic: Digital currency with central bank support needed (China Daily) (Read 119 times)
China is looking forward to creating their own digital currency. This kind of currency is backed up and run by the central bank of China. Possibly this is one of the reason why China banned bitcoin back then. China is a country wherein they are really strict when it comes to economy and finances and since they see bitcoin does not go with their favor they are going to establish their own system using blockchain technology without bitcoin.
The development of a digital currency backed by a central bank is in need, said experts during a symposium on the subject.
Zhang Taowei, associate professor of the Department of Finance at Tsinghua University, said that the public needs to differentiate bitcoin from digital currency, and the latter distributed by a central bank plays an essential role to the country's financial system...
...The technology is also used in other areas.
Lu Liang, founder and CEO of CyberMiles Foundation Ltd, which offers blockchain technology for e-commerce, said that blockchain and digital currency will dominate the mobile payment market, as it largely reduces transaction costs.
"A lower transaction cost will lead to a surging e-commerce market, as many countries now still remain inactive due to a lower rent but rather high online transaction fee," Lu explained.
Lu added that the research and development of blockchain technology will help China guarantee its leading role in e-commerce.
http://usa.chinadaily.com.cn/a/201804/11/WS5acd799ba3105cdcf6517898.html
Zhang Taowei, associate professor of the Department of Finance at Tsinghua University, said that the public needs to differentiate bitcoin from digital currency, and the latter distributed by a central bank plays an essential role to the country's financial system...
...The technology is also used in other areas.
Lu Liang, founder and CEO of CyberMiles Foundation Ltd, which offers blockchain technology for e-commerce, said that blockchain and digital currency will dominate the mobile payment market, as it largely reduces transaction costs.
"A lower transaction cost will lead to a surging e-commerce market, as many countries now still remain inactive due to a lower rent but rather high online transaction fee," Lu explained.
Lu added that the research and development of blockchain technology will help China guarantee its leading role in e-commerce.
http://usa.chinadaily.com.cn/a/201804/11/WS5acd799ba3105cdcf6517898.html
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