China: Money May Disappear As Digital Payments Grow
China's financial regulators have been rejecting the crypto-coins, however, they do not completely throw away the idea of digital money.
It was at the press conference this Friday, March 9 in Beijing, that the People's Bank of China governor Zhou Xiaochuan made clear the idea that one day money will become "obsolete."
He adds that the Bank of China has been monitoring the development of digital currencies in order to provide faster, cheaper and more convenient payment methods.
This after the leader has already stated that the cryptocurrencies, like Bitcoin, do not benefit the economy.
"We must prevent big mistakes that could lead to irreparable losses, which is why we are being cautious," said Zhou.
He added that "we do not like to create products only for speculation and create the illusion in people that they can get rich overnight"
In September last year, the Bank of China closed down the means that allowed local exchanges of crypto-coins and limited the bitcoin with the aim of greatly reducing the virtual currencies in the Chinese market.
Chinese authorities intend to block access to online platforms and mobile applications that allow the trading of virtual currencies, whether these platforms are Chinese or foreign.
Despite this ban, the country continues to be the world leader in digital payments due to the success of platforms developed by technology giants Alibaba and Tencent.
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