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Chinese State-Backed Crypto Is About to Launch, Community Expects XRP Volume to Surge

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    The central bank of China (PBOC) plans to finally release its own government-backed crypto soon after several years of preparation

Cover image via www.123rf.com
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Citing one of the top officials in the People’s Bank of China, Bloomberg reports that the PBOC is about to release its own state-supported crypto after five years of research and all other preparations.

China works hard to launch its own crypto

For the past year, the research department at the PBOC has been working away at creating its own cryptocurrency, approved by the governing communist party. The news was broken by the head of the bank’s payments dep, Mu Changchun recently. He did not provide any additional details, though.

The official stated that the central bank’s coin would be used instead of M0, which is cash in daily circulation and will not affect the present monetary policy of the government.

Bloomberg reminds that China has been working on its own digital coin for about five years. However, it was the announced launch of Libra that made the PBOC double its efforts on making the project come true as soon as possible.

Like many other countries, the Chinese government became worried that Libra, being tied to a basket of local currencies, may start affecting the country’s economy and financial system.

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Will Ripple profit from the launch of the ‘China coin’?

In the comment thread under the Bloomberg post, the crypto community expressed very different opinions on the news.

The majority of comments suggested that the news was taken positively, except for those where people expressed their fears of China banning BTC miners and imposing a complete ban on Bitcoin once the PBOC launches its own crypto.

Image by Twitter
Image by Twitter

Some crypto community members believe that the upcoming Chinese state-backed currency will be yet another way to control the population and keep it poor.

Image by Twitter
Image by Twitter
Image by Twitter
Image by Twitter

The most curious was the reaction of the Ripple community, though. Some of its members reckon that the intention of the Chinese central bank to issue its own digital currency will ensure further XRP use as an asset for bridging the Chinese crypto and coins used in the rest of the world.

Image by Twitter
Image by Twitter
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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