https://www.afr.com/news/world/asia...gears-up-for-digital-currency-20191027-p534q1 Ben Blanchard Oct 27, 2019 — 5.54pm Beijing | China's largely rubber stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported at the weekend. China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply. China's proposed new digital currency would bear some similarities to Facebook's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month. China's cryptography law, which takes effect on January 1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law says that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality. Facebook's proposed cryptocurrency has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering, given the social network's massive cross-border reach. Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilise the price. Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers. Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation. Reuters
My knowledge in cryptos is very limited, just some, random thoughts you might say : So, the social giants , joins into the game of cryptos. (this time it's not some teenagers, from moms basement) Then what, one day Space X, after IPO (if it ever happens), with it's first colony on Mars, launches first crypto in another planet. (that's surreal, i know, one sci-fi movie too many... ) Then other blue - chips like KO, JNJ etc., does the same and story continues. Forward 10 - 30 years, the world is full of, cryptocurrencies,backed or not, that were made by corporate giants, whom in their sizes, out scale the GDPs of some countries. What happens to BTC, since it isn't backed by real-world assets (other alt-coins as well) (?) What kind of effects, there will be to major currencies ? Smaller ones, like Polish-Zloty ? ,,could quickly become a dominant form of digital payment and a channel for money laundering'' Haven't governments (at least in US) made a significance improvements on tracking down such things ? They said it's impossible to steal, and to track down, yet both things happened (?)
It's evolution. Bricks & mortar retail business phasing out. Paper & nickel coins phasing out. The introduction of implanted chips soon, like the 'mark of the beast' coming. What better country than China to introduce that.