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China to Accelerate R&D on Digital Currencies
People's Bank of China Talks about Cryptocurrencies in Video Conference
China has always had a bit of a complex relationship with Bitcoin and cryptocurrencies. They have passed several tough regulations down in the past. Financial firms in China have had are not allowed to own or trade cryptocurrencies. Chinese cryptocurrency exchanges have been closed and platforms taken down between 2017-2018. ICO's or initial coin offerings have also been banned along with crypto mining.
On the other hand, many successful cryptocurrency projects have originated from China. This includes NEO and Justin Sun's Tron. China has always been a powerhouse when it came to cryptocurrencies.
The People's Bank of China Said What?
The central bank of mainland China is known as The Peoples Bank of China or PBoC. They have recommended many of the regulations of cryptocurrency in China in the past. In the most recent of the PBoC's dual annual video conference, they did have a few interesting things to say about cryptocurrencies.
"Accelerate the pace of research and development of China's legal digital currency (DC/EP), track and study the development trend of virtual currency at home and abroad, and continue to strengthen Internet financial risk remediation."
Blockstream's CSO Samson Mow even took note of this bullish statement.
#PBOC video conference talked about focus to accelerate R&D on Chinaâs own digital currency & tracking virtual currency trends at home & abroad. First the #BankofChina posted about #Bitcoin & now the central bank of China is talking about #crypto. #Bullish https://t.co/VKYap5MsRG pic.twitter.com/jKTam0g1Ymâ Samson Mow (@Excellion) August 4, 2019
It seems that the PBoC is planning the development of some form of digital currency. Whether it will be a currency for bank transfers like the rumored JP Morgan Coin, or a form of national cryptocurrency such as Venezuela's Petro is currently unknown. Ultimately this is precariously good news for cryptocurrencies coming from China.