Breaking News
Tell General Mills To Reject GMO Wheat!
Climate Scientists declare the climate "emergency" is over
Trump's Cabinet is Officially Complete - Meet the Team Ready to Make America Great Again
Former Polish Minister: At Least Half of US Aid Was Laundered by Ukrainians...
Top Tech News
Forget Houston. This Space Balloon Will Launch You to the Edge of the Cosmos From a Floating...
SpaceX and NASA show off how Starship will help astronauts land on the moon (images)
How aged cells in one organ can cause a cascade of organ failure
World's most advanced hypergravity facility is now open for business
New Low-Carbon Concrete Outperforms Today's Highway Material While Cutting Costs in Minnesota
Spinning fusion fuel for efficiency and Burn Tritium Ten Times More Efficiently
Rocket plane makes first civil supersonic flight since Concorde
Muscle-powered mechanism desalinates up to 8 liters of seawater per hour
Student-built rocket breaks space altitude record as it hits hypersonic speeds
Researchers discover revolutionary material that could shatter limits of traditional solar panels
China to Issue State-Run Cryptocurrency?
PBOC Official Calls for State-Run Cryptocurrency
Yao Qian, the Director of the central bank-run Digital Currency Research Institute, laid out a clear vision for a state-run digital currency at a meeting hosted by the International Telecommunication Union. Yincai news agency reported that Yao pitched a state-issued cryptocurrency as a way to stabilize the yuan, which has undergone repeated devaluation since 2015. Yuan instability has been a primary catalyst for bitcoin adoption in China over the past two years.
"The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one," Yao told the attendees.
In Yao's view, bringing digital currency under the purview of government creates tangible value that promote stability.
// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
The People's Bank of China (PBOC) launched the Digital Currency Research Institute back in June to explore the application of blockchain technology. Apprehensions about bitcoin and other cryptocurrencies has not deterred governments from exploring use cases for blockchain.
China Speculation at the Center of Bitcoin Rally
Bitcoin prices soared to new highs on Thursday, partly in response to speculation that China may ease its crackdown on cryptocurrency. The BTC/USD exchange rate broke above $5,400.00 on Thursday, bringing the total market cap well north of $90 billion.
Bitcoin spiked again on Friday, surpassing $5,500.00 for the first time.
