Donald Tapscott is the executive chairman of the Blockchain Research Institute and he gave a statement on the position of cryptocurrency in China recently. According to Donald Tapscott cryptocurrency on its way to becoming the national currency of China.
This statement is hard to believe as the Chinese government has openly shown its disapproval f the technology going as far as to ban Initial Coin Offerings in the country.
Recently it was revealed that mining crypto will also be banned soon. Banning crypto mining will take a toll on the already disturbed Bitmain too.
Despite this Donald Tapscott says that China realizes the potential of the technology and could still possibly adopt it on a wider scale.
Elaborating on this he said that in his recent meeting with the vice-chairman of the Communist Party of China they talked about technology in China. During the topic vice-chairman of the Communist Party of China revealed that the President is of the belief that blockchain technology will play an important role in China’s future.
When asked about the banning situation in China Tapscott mentioned that banning Bitcoin in China holds no importance as Chinese people will use Renminbi (RMB) instead.
It is highly possible that RMB will become the only cryptocurrency backed up by the central bank of China. This indicates that despite China’s strict approach towards technology, it is still willing to try it out.
China has introduced the “central bank digital currencies” idea for its own ease. According to this concept, the currency will be digital but not decentralized.
This has upset a lot of crypto enthusiasts who consider decentralization to be a huge part of cryptocurrencies. The concept s still getting approval from some influential advocates.
Dr. Nouriel Roubini gave a statement regardingChina’s decisions saying that this new concept might hinder the progress and prowess of cryptocurrency and blockchain technology in the near future.