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China's Digital Currency Is Already in Use... Should Crypto Be Concerned?
The crypto world is once again facing a 'new challenger' — but this time, not from startups, not from DeFi projects, and not from genius young coders in garages.
But from a superpower: China.
They are very serious about this project: e-CNY or Digital Yuan, a digital currency that is directly controlled by the central bank, namely the People’s Bank of China (PBOC).
What’s the Difference From Other Cryptos?
One word: control.
While Bitcoin and its peers are proud of 'decentralization', e-CNY is the opposite. This is a digital currency that can be fully monitored by the government, without needing public blockchain, mining, or network consensus.
But from a superpower: China.
They are very serious about this project: e-CNY or Digital Yuan, a digital currency that is directly controlled by the central bank, namely the People’s Bank of China (PBOC).
What’s the Difference From Other Cryptos?
One word: control.
While Bitcoin and its peers are proud of 'decentralization', e-CNY is the opposite. This is a digital currency that can be fully monitored by the government, without needing public blockchain, mining, or network consensus.
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