China’s CBDC Leak Reveals Extensive Details, Fear Is Enhancing

According to the latest reports, there was a leak revealing extensive details about China’s CBDC with details about the way of work of the app and the visuals of the wallet. The leak also contained a preview of the central bank digital currency and how it can be used by the general public so let’s find out more in the following crypto news today.

The digital coin from China has been in the works for quite some time and this leak is very exciting news as the central banks launching digital currencies could increase the widespread adoption of crypto assets. China aims to become the leader in crypto-assets and wants to usurp the US dollar’s position as the dominant currency. China’s CBDC was intended to launch via the Blockchain-based Service Network which will help companies to use blockchain technology in a more efficient manner. There’s no doubt that China looks to take the lead in the blockchain race as the reports claim so.

For those who prefer the decentralized nature of assets, there is an increasing fear that having the most authoritarian superpower in the world launching a central bank digital currency will lead to even more surveillance of the population. Blockchain technology enables the users to track transactions and it will be even harder for people to maintain privacy.

Mark Zuckerberg had a plan to launch the Libra coin as a stablecoin and to use regulated nodes. The crypto community disregarded the project because there are high chances of getting rid of the decentralized ethos. It is important that companies that want to enter the crypto-asset ecosystems take their first steps and support currencies on the chain and once they have the trust of both regulators and consumers, they should be able to launch novel crypto tokens.

Also as we read in the Bitcoin news, right before the bitcoin halving there was an increase in interest in the event. According to Google Trends, there was an increase in popularity and frequency of search phrases that show ‘’bitcoin halving’’ is at a 100 interest, peaking in popularity and garnering 28 percent of interest compared to the 2016 BTC halving according to reports.

Central banks are now adopting different monetary policies and want to put wealth into citizens’ hands by using blockchain technology which could solve some of the logistical issues. This is important if you think about the huge number of people that do not have a bank account. Giving them a crypto wallet, the central banks could deposit directly into them and will remove the need for people to have a hard time through the bureaucratic loops of opening an account.