China’s Official Crypto, A Wakeup Call For Other Nations

China went full speed in 2019 to finalize its plans for an official crypto – it should most likely be launched and activated in this year. While many analysts initially passed the development off as an internal matter, nations have now started taking the move seriously. 

One of the major concerns is that, the Chinese crypto could undermine the interest of other (conventional) currencies. Japan has openly revealed these fears and has in fact, requested an official response to the Chinese move, from the G7 meet (April 2020). The Japanese are obviously looking to get a consensus on this issue. 

At the basic level, there is nothing that nations can do to block the Chinese crypto. So it is no surprise that nations are more inclined to start their own ‘official crypto’. There has been some talk about the EU considering the possibility of launching a crypto, under the European Union banner. It is true that none of these plans will develop in the near future but, that is where the thought process is currently heading.

So are we likely to see the Chinese crypto becoming very active – even beyond the nation’s boundaries? One school of thought is that, the usage of China’s official crypto, would be confined to the nation. Simply put, the crypto would not draw much interest outside China. This thought process is probably way too simplistic, keep reading and we will tell you why. 

It is hard to think of any nation that, sources absolutely nothing from China. The country is a key sourcing center for products, semi-assembled products, raw materials, production machinery and a host of services. If China could find a way to encourage, international clients to pay with the Chinese crypto – we would be looking at gigantic trade numbers for the crypto. 

All in all the move to deliver an official crypto from China has, triggered hectic crypto related activity in a number of nations and on many platforms. This should result in solutions coming up for things like – safe crypto trading, legislation to quickly tackle crypto related frauds etc. These in turn would encourage more people to enter crypto space with confidence. 

So a win-win for everyone, we owe a thanks to China. 

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