China’s National Crypto To Roll Out In 2020: Can It Improve The Economy?

China’s national crypto is set to roll out in early 2020 and according to the recent information, the e-yuan launch will be very cautious and mostly focusing on consumer spending as per the cryptocurrency news today.

The recent reports regarding China’s upcoming cryptocurrency claim that Beijing is now preparing to roll out the so-called e-yuan in early 2020. This will be the first-ever digital sovereign currency in the world but the reports also indicate that China plans to be very careful with the new coin and the entire rollout process. The new technology is seen as extremely disruptive which is why China plans to take an extra cautious step and focus on consumer spending as well.

As many are already aware, there are many authorities around the world that are currently studying and plan on launching their own national currencies. Some of them even plan to create their own version of the digital money but this time, the People’s Bank of China is taking the lead mainly because of the concerns around Facebook’s Libra and Bitcoin. The world is rushing to see who will be the first to gain the lead in the crypto race with China now being ahead of everyone else especially the US. The country has also been secretive about the upcoming crypto so there’s a lot that we don’t know.

Earlier this year, the People’s Bank of China and its digital currency research center, gave a few hints. According to him, the e-yuan will come to the public along with several commercial banks including Ant Financial and Tencent since both of them are online payment giants in the country. The new form of digital money will likely bring a number of benefits to the users and will also benefit the country’s government. Thanks to the blockchain technology, China’s national crypto will have the ability to leave a mark for all payments done at all times. This will be extremely important for the country’s financial watchdogs which will easily detect criminal activities such as money laundering, tax evasion and all kinds of fraudulent activities. As for the users, the payments will become much more secure and efficient.