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Part Of Chinese Experts Have Doubts About DLT And Cryptocurrencies

15:41 04/02/2019
Some Economists Refused To Support Digital Yuan In China

Chinese economics experts responded ambiguously about the future of blockchain technologies and cryptos in their country, according to a study by a tech company Tencent.

 

The survey involved 100 leading economists — employees of banks and research institutes. The questions concerned the monetary policy of the Chinese authorities for 2019, as well as the factors affecting it — for example, the volatility of the yuan.

 

As the researchers found out, local specialists disagree in a few points. For example, more than 50% expressed a desire to support the release of the national cryptocurrency by the central bank. At the same time, 40% do not want to see a digital analog of the Chinese yuan in the country’s money circulation.

 

When asked about blockchain, the opinions of the economists divided into three groups. The largest of them, including 33% of respondents, called this innovation extremely important. Another 32% were neutral about blockchain, and 19% expressed the lack of interest in decentralized technologies.

 

At the same time, the central bank of China continues to explore the possibility of issuing its own digital currency, as many countries have already done. For example, Iran is preparing to release its national token.

 

However, the principal financial body of China enters the crypto industry quite carefully. Last November, the regulator banned token airdrops, considering them disguised ICOs, which are forbidden in the country due to the risks of fraud.

 

Also, the local central bank warned about so-called blockchain bubbles in the financial market, although previously, it began testing its own decentralized platform for interbank transactions called Bay Area Trade.

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