China’s central bank says crypto gave impetus to the creation of its CBDC

[newshunter]

China’s central bank says crypto gave impetus to the creation of its CBDC

A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability.

Source: China’s central bank says crypto gave impetus to the creation of its CBDC

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[TomPluz]

China has been impressed with the blockchain and cryptocurrency technologies that they make sure they can extract all of its benefits and yet not allowing non-controllable other cryptocurrencies to flourish in its own territories. One thing for sure is that China is good at using anything to advance its own agenda.