Official Chinese Currency Renminbi to Become Cryptocurrency – Donald Tapscott

Official Chinese Currency Renminbi to Become Cryptocurrency

Official Chinese Currency Renminbi to Become Cryptocurrency – Donald Tapscott

Official Chinese Currency Renminbi to Become Cryptocurrency

Executive chairman of the Blockchain Research Institute, Donald Tapscott, said the official Chinese currency, the renminbi (RMB), will become a cryptocurrency.

In an interview with Bloomberg on April 17th, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one of the most important technologies for the future of the country.

Speaking about the government’s ban on cryptocurrency exchanges, Tapscott outlined that China is considering to ban cryptocurrency mining as well, and added:

“It’s not really necessary to do that [to ban exchanges and mining] because 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. The central bank of China will turn it into a digital currency.”

On if decentralized exchanges can operate in China which has previously banned initial coin offerings (ICOs) Tapscott said that they could, although the government has a serious stance towards curtailing digital currencies.

Tapscott suggested that decentralized exchanges will eventually dominate centralized ones thanks to their purported ability to transparency and identify “bad behavior.”

Tapscott finally said that all assets, including traditional ones like securities, will purportedly be on decentralized exchanges.

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