The Asia Global Payment Summit. Bali, Indonesia. 10-11 October 2019

Chinese Central Bank Will Transform Yuan into Cryptocurrency: Blockchain Research Institute

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The head of a leading blockchain think tank says that the People’s Bank of China will eventually adopt measures to transform the renminbi into an official cryptocurrency.

Donald Tapscott, executive chairman of the Blockchain Research Institute, said to Bloomberg that the Chinese government has signalled strong enthusiasm for blockchain applications, with President Xi Jinping referring to it as “one of the two most important technologies for the future of China.

While Beijing launched a crackdown on cryptocurrencies in late 2017 with a ban on initial coin offerings and the closure of bitcoin trading platforms, Tapscott believes that cryptocurrency will eventually make a return to China under the aegis of officialdom.

“In 20 years we are not going to be using bitcoin in China,” said Tapscott. “Chinese people will use the RMB, only the RMB will become a cryptocurrency.”

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