Wednesday 19th January 2022
Decentralization and Deglobalization
In September 2021, after being among the earliest countries to enthusiastically embrace cryptocurrencies, China’s central bank declared that all cryptocurrency transactions were illegal. This effectively banned digital tokens such as Bitcoin. To maintain the Chinese government’s vision of a state-dominated economy, it is currently piloting its Digital Chinese Yuan. This is a state-backed digital currency designed to offer the surface-level convenience of cryptocurrency, though without its privacy and decentralization benefits, and able to now operate in a competition-free environment. To read on click here
