strong media reports the Chinese central bank will soon issue its own cryptocurrency. The coin of the digital central bank from China should therefore be based in part on blockchain technology. The test mode has already been started. As you can see, the Chinese central bank has been using since 2014 to develop its own cryptocurrency.
The plan is to spread the currency of the digital central bank at two levels. First, use for the central bank itself is provided. The second level is then the use by commercial banks, which also wants to promote wider use of technology by submitting a digital central bank currency. Blockchain technology, however, should be another stimulant here. Because of its transparency and pseudonymity, it makes payment flows clearer. This will ultimately give the authorities a better overview of domestic financial transactions.
China and blockchain technology
In China, the blockchain industry is growing – but only superficially. In fact, more than 70% of China's production line companies still depend on government subsidies. Nevertheless, there are a total of 22 industrial parks in the communist country devoted to the (future) development of blockchain technology. 80% of them have only existed for two years – so it is a young domain.
The development focuses mainly on coastal areas and special economic zones in the south and east of the country. More than half of Blockchain hubs are located in the industrial centers of Hangzhou, Guangzhou and Shanghai.
In the past, China also fought against the illegal mining of bitcoins. As we announced on July 16, the Chinese authorities have dealt a blow to illegal Bitcoin miners. Mining activities were stolen due to the increase in energy consumption. More than 20 people were arrested. The thieves are accused of stealing electricity for about 20 million yuan (nearly $ 2.9 million). As a result, the authorities seized nearly 4,000 mining equipment.
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