China: digital currencies coming to Shenzhen
Crypto

China: digital currencies coming to Shenzhen

By Alfredo de Candia - 19 Aug 2019

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Yesterday a Chinese media reported that the Central Commission of the Chinese Communist Government will support Shenzhen on a digital currency project.

The statement reads as follows:

“The Central Committee of the Communist Party of China and the State Council issued opinions on supporting Shenzhen to build a pilot demonstration zone for socialism with Chinese characteristics. Supporting innovative applications such as digital money research and mobile payment in Shenzhen. Promote connectivity with financial markets in Hong Kong and Macao and mutual recognition of financial (fund) products. In promoting the internationalization of RMB, the first try to explore innovative cross-border financial supervision.”

This incredible news leaves no doubt about the Chinese government‘s intentions regarding crypto, given that this project promotes the use of an innovative and cross-border system.

A couple of months ago the Central Bank of China already proved to be pro-bitcoin in one of its articles and more recently China itself, according to some sources, is ready to launch its digital currency.

At the same time, Egypt is planning its own state crypto, following in the footsteps of what has been done in Saudi Arabia and the Arab Emirates, an indication that soon other countries will start to create their own cryptocurrency.

“Bitcoin Scam” on the search engine in China

On the Chinese search engine, Baidu, Bitcoin is increasingly being associated with the word scam. This is in fact what Chinese users find when they enter the word Bitcoin, in Chinese 比特币.

china digital currencies shenzhen

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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