China’s FinTech Stock Soars In Anticipation For CBDC launch

in #cryptocurrency9 months ago (edited)

China’s fintech firms have seen an enormous increase in stock value this year the result of the anticipated launch of the country’s own digital currency including the presumable demand it will generate from security and payment services.

China Securities Index Co. (CSI) Fintech Theme Index, composed of A-Share stocks relating to fintech, has risen over 50% in 2019 with some stocks reportedly in related industries skyrocketing as much as 200%.

One such company is Beijing Certificate Authority, which is engaged in electronic authentication services, seeing record highs this month after soaring almost 200% in 2019.

While many believe that the People’s Bank of China will be releasing their cryptocurrency soon, the bank recently denied rumors that it would launch its own digital currency in the near future.

It has been the general sentiment by the general cryptocurrency public that the central bank is rushing to release a CBDC in an effort to deter the perceived threat of Facebook’s global cryptocurrency initiative.

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