New Law in China Set to Establish the Digital Yuan

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China is moving quickly to ensure it’s ahead of the curb when it comes to blockchain innovation. China Is Pushing Its Blockchain Agenda Forward The country has recently implemented a new law that will promote blockchain as a means of heightening and expanding the nation’s infrastructure. The law will also permit the country to unveil its new digital yuan currency designed to compete with the likes of Libra. There is both a good side and a bad side to this situation. First off, the addition of a state-issued cryptocurrency is likely to boost the industry to new heights. We may see the price of assets like bitcoin surge in the weeks following the coin’s issuance, and other countries are likely to follow suit should the digital yuan show any sort of promise. At the same time, the idea of a state-issued digital coin goes against the very notions of cryptocurrency.…

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