China’s Shenzhen Special Economic Zone will now support the research and promotion of digital funds and the national cryptocurrency based on the renminbi.
On Aug. 18, the Central Committee of the Communist Party of China outlined the plans for the future development of the Shenzhen Special Economic Zone, including the research and promotion of digital funds and the national cryptocurrency based on the renminbi.
According to Chinese news agency STCN:
“Mutual recognition of fund products. Promote interoperability with Hong Kong and Macao financial markets and mutual recognition of financial (fund) products. In the promotion of the internationalization of the renminbi, we will try first and explore innovative cross-border financial supervision. Supporting innovative applications such as digital money research and mobile payment in Shenzhen.”
Not every digital currency is decentralized
As Cointelegraph reported recently, the People’s Bank of China has already claimed that its digital currency “can now be said to be ready.”
Still, as was explained in the dedicated follow-up article, it will be powered by a two-tier operating system, which will not be fully decentralized. So, according to various analytics, it cannot be called a true cryptocurrency.
In the meantime, while political conflicts continue within China, Hong Kong is paying higher prices for Bitcoin (BTC).
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.