Chinese Central Bank Consider Issuing Own Digital Coin

CBDC (central bank's digital currency) can be build without blockchain
26 January 2018   406

The Central Bank of China is considering issuing its own digital currency, maybe even not blockchain based. This is reported by CoinDesk.

Vice chairman of the People's Bank of China, Fan Yifei, spoke on the early plans of the department for the development of the digital currency.

He said that their currency would differ significantly from those that are decentralized, while centralization and control over emissions will remain the main priorities.

CBDC (central bank's digital currency) will still be the central bank's liability to the public. The nature of this liability will not change just because of the physical form of cash going digitalized. Therefore, we must ensure the central role of PBoC in issuing CBDC. A CBDC will also help curb the public's demand for private cryptocurrencies, which will strengthen the role of our sovereign currency.

Fan Yifei

Vice chairman, People's Bank of China

He also noted that the digital currency will not necessarily be operation on blockchain as most cryptocurrencies, which, for the most part, makes them anonymous. The central bank will be able to follow the transactions made with the help of the state digital currency, which will not allow it to be used for money laundering and other illegal activities.

In addition, the central bank will be cautious about the implementation of smart contracts that can automate processes using its digital currency. Since this currency will in fact become the equivalent of the yuan in digital form, then it will be subject to the same requirements that govern the circulation of the country's currency.

At the moment, according to the Chinese laws, the yuan can be used only for setting prices, circulation, calculations and storage. The same functions will be vested in the digital currency. Fan explained that the use of smart contracts can allow, for example, to automate the process of collecting taxes and raising funds, but this will be considered a violation of existing laws.

Texas to host BitBlockBoom conference

Bitcoin, blockchain and cryptocurrency conference BitBlockBoom will be held on July 14 - 15 to discuss the disruptive technology
19 May 2018   39

Bitcoin, blockchain and cryptocurrency professionals are going to convene in Irving, TX on July 14 through July 15. Brightest minds in crypto will be talking about the true meaning of Bitcoin, the promise of a distributed ledgers, and the potential of decentralization. First wave of speakers are as follows:

The conference will be held at the Study USA. Here is what the event says about itself:

Invest in yourself. Learning about cryptocurrency today is like learning HTML in the 1990s. With the proper training you can have a career spanning decades. With the proper knowledge you can avoid scams and discover opportunities to prosper in this new industry.

The event is sponsored by Crypto Unicorn Money. To learn more about the event, you can visit the official page here.