China is looking forward to launching their own cryptocurrency

 In a time, when China is facing economical trouble, it seems like the government is eager to come up with various solutions, meant to improve the economic state of the country. One of these ideas is the creation of their very own cryptocurrency, which is an idea that is also well-backed by The People’s Bank of China.In a statement that has been published on the bank’s website, it seems like a seminar was held in Beijing, where the list of attendees included the bank’s governor, alongside with a few other prominent members of the Chinese financial market, such as relevant research institutions, expert consultants and more.According to the bank, a nation-wide digital currency will feature a so-called, far-reaching historical significance. This is so, because it will also reduce the high costs associated with traditional currencies, while also reducing issues such as tax evasion, money laundering and other criminal acts. Together with this, the Chinese Coin will also increase the bank’s control of the country’s money, while vastly improving China’s payments system.Many members of the community have asked themselves why such a move is needed in the first place, when bitcoin could simply be made legal. Well, the main reason is that this currency, while similar to bitcoin, will not be prone to volatility, due to the control the state will impose on it.In the end, the meeting urged the bank’s research team to continue their work, actively absorb the practical experience that other digital currencies have to offer and work towards the introduction of the country’s very own currency, issued by the bank.Based on everything that has been outlined so far, what do you personally think about the China Coin? Let us know your thoughts in the comment section below.