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China to One Day Turn the Renminbi into a Crypto, Claims Blockchain Author

Gerelyn Terzo
In 20 years, the renminbi could be a cryptocurrency. | Source: Shutterstock

By CCN: Perhaps no country has tried harder to snuff out bitcoin than China. After putting the kibosh on ICOs, the government banned crypto exchanges and now they’re targeting bitcoin mining. While they may have slowed crypto down, especially in China, this train is moving full-speed ahead. Sooner or later, they might find themselves boarding, too.

Blockchain Research Institute Executive Chairman Donald Tapscott suggested that it’s only a matter of time before the renminbi makes its way onto the blockchain, telling Bloomberg:

“In 20 years, we’re not going to be using bitcoin in China. The Chinese people will use the RMB, only the RMB will become a cryptocurrency. The Central Bank of China will turn it into a digital currency.”

Chinese Government Is Intent on Hurting Crypto

During his recent trip to the East Asian country, Tapscott learned that President Xi Jinping believes the “blockchain is one of the two most important technologies for the future of China.” Funny, he could have fooled us. As for the ban on bitcoin exchanges, Tapscott says it’s a “mistake.”

The blockchain researcher goes on to explain a “dichotomy” in China, one in which the government has shunned crypto but deems the blockchain as okay.

“The government is quite serious about hurting crypto,” he said.

Read the full story on CCN.com.