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China’s ‘Official’ Virtual Currency Could Be Arriving “Quite Soon” To “Challenge The U.S.”

China’s ‘Official’ Virtual Currency Could Be Arriving “Quite Soon” To “Challenge The U.S.”

As if the trade war – and soon to be currency war – between China and the U.S. needed another wrench thrown in its gears…

China sent cryptocurrencies tumbling on Friday after re-cracking-down on exchanges that are operating illegally against authorities’ ban.

Source: Bloomberg

On Nov. 22, authorities in Shenzhen have identified a total of 39 exchanges falling foul of China’s cryptocurrency trading ban, according to local news outlet Sanyan Finance

It remains unknown what consequences the exchanges will face, with Sanyan highlighting a desire to crack down on liquidity.

It appears that China’s blockade on non-government-sanctioned crypto trading, could be on its way to launching its own digital currency within the next 6 to 12 months, according to fund manager Edith Yeung, who recently appeared on CNBC

The Chinese government has been researching the idea over the last few years and has reportedly identified entities to use for a potential rollout, Yeung says. 

“It’s really been something (that’s) been in the works for the last few years,” she said on Wednesday during an interview. Yeung is a partner at blockchain-focused venture capital fund Proof of Capital. 

When she was asked how long it might be before the launch becomes reality, she responded “Quite soon. So I definitely think within the next 6 to 12 months.”

And China has recently embraced blockchain, with state media reporting that President Xi Jinping said the country should look to “take a lead” in the technology. 

Wendy Liu,head of China strategy for UBS, also said that there was greater willingness to work with blockchain and 5G in China because they will help facilitate and manage the world’s biggest country by population. 

Liu commented: “Due to its own needs, (China) is going to push in that direction and you see this willingness to back these technologies more so than anywhere else.”

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