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Central Bank of China will turn renminbi into a cryptocurrency, Donald Tapscott claims

Carol Gaszcz
Executive chairman of the Blockchain Research Institute Donald Tapscott said in an interview with Bloomberg that he believes renminbi, the official Chinese currency, will become a cryptocurrency in the future.The post Central Bank of China will turn renminbi into a cryptocurrency, Donald Tapscott claims appeared first on The Block.

Executive chairman of the Blockchain Research Institute Donald Tapscott said in an interview with Bloomberg that he believes renminbi, the official Chinese currency, will become a cryptocurrency in the future. Tapscott believes there is a “weird dichotomy” in China’s perception of blockchain and crypto assets. While the former is believed to be a great invention, the latter is seeing much more negative reactions.

Tapscott said the vice-chairman of the Chinese Communist Party cited President Xi Jinping saying blockchain is “one of the two most important technologies for the future of China.”

However, at the same time, the government’s stance against crypto is strong. The country is again contemplating imposing a ban on crypto mining, even though the largest chip manufactures originate from there. China has also banned crypto exchanges and ICOs.

According to Tapscott, banning exchanges and mining isn’t necessary since “in 20 years, we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency.“