China’s CBDC Showcases Interoperability As Centralization’s Weakness
The main question driving the conversation is the Chinese government’s sudden advocacy for blockchain systems and a specific interest in being the first major international power to create a national cryptocurrency, and state-sponsored blockchain solutions. However, in a bull warning, the idea is not to trigger Chinese crypto enthusiasts to invest more in decentralized currencies like Bitcoin, Ether, or Ethereum Classic, but rather to bring more attention to the People’s Bank of China as they gear up to launch the first-ever central bank digital currency, or CBDC.
With the government’s support over the years, the bank has been able to speed up the creation and implementation of this national currency, yet is still not considered the blockchain leader when compared to the United States. It is no longer news that the Chinese economy has a significant influence in the digital currency market and that notable investors inside China have billions invested in Bitcoin and mining activities.
