China’s central bank accelerates cryptocurrency development

China's central bank accelerates cryptocurrency development

Image source: Shutterstock

Teodor Stig-Matz

teodor.matz@trijo.co

In recent weeks, we have been able to see that China has become more favorably attuned to cryptocurrencies. Now comes more news confirming this trend.

Last week, Trijo News was able to report on how the Bank of China released an infographic on how bitcoin works.

The infographic was seen by many as a step forward for cryptocurrencies in China. The relationship between them has long been very complicated, especially since it is forbidden to trade cryptocurrencies in the country.

Planning its own cryptocurrency

It has already become clear that China’s central bank plans to launch its own cryptocurrency. Work on this has now been accelerated, Cointelegraph reports.

In a statement, the central bank also writes that it is important to keep track of other cryptocurrencies.

The question is whether this can lead to China’s cryptocurrency ban disappearing, or if, for example, bitcoin will continue to be forbidden because China wants to promote its own cryptocurrency.

Trijo News has also reported on Venezuela’s own cryptocurrency, petro. You can read about the country’s attempt to escape sanctions through this here.

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