Chinese Party members will be acquainted with cryptocurrency
Blockchain and CBDC now part of Beijing’s political dictionary, the Communist Party of China (CPC) has taken out a digital currency guide in order to prepare party officials for upcoming changes in the country’s financial system.
“Digital Currency: A Reader for Cadres” handbook
“Digital Currency: A Reader for Cadres” is part of a series of guides on various current topics, including artificial intelligence (AI) and blockchain technology. The handbook was written by experts from the People’s Bank of China (PBoC). It has been published by the publisher of the largest newspaper group in China, People’s Daily, and is now in printing for its second edition. It has been priced at 3.9 dollars and is now available for purchase online.
In the 200-page handbook, the guide provides readers with important features of digital currencies. Its 23 articles cover not only the basics but also more sophisticated matters such as the impact these cryptocurrencies could have on monetary systems and global finance. Noting their goal is to assist CPC cadres in gaining their understanding of the fundamental technology, the authors boldly state on the cover: “Digital currency is inevitable in the course of history”
The guide released as China prepares to complete the development of its central bank-issued digital currency (CBDC), digital Yuan. Even though the project has been started for about 5 years, but the People’s Bank of China (PBOC) stepped up its efforts after the announcement of Facebook’s Libra project last summer. Also, a Politburo meeting in October revealed that the Chinese leadership wants the country to get an advantage in the blockchain field.
The author also highlighted that Beijing has executed regulations in recent years to ban technologies such as initial coin offerings (ICO) and cryptocurrency exchanges. Its support for blockchain, as well as artificial intelligence, was highlighted in a (2016-20 plan) or national development.
There has been no information about the release day for the issuance of the sovereign coin yet, but according to recent reports by Chinese media, the central bank has completed “top-level design, standard formulation, functional research, development, and joint testing” of the digital yuan. PBOC is now focusing on establishing “stability, security, and control,” the bank’s Digital Currency Research Institute announced.
In December 2019, a report revealed that the digital currency will be piloted in Shenzhen, China’s tech hub, and the city of Suzhou.
Chinese authorities still consider cryptocurrencies as a threat to state-controlled centralized finance but are keen on utilizing blockchain technology to compete with international rivals.