The cryptocurrency space may be helping spawn its own competitors after a representative from the People’s Bank of China said the recent surge in Bitcoin (BTC) had sparked renewed interest in the nation’s digital yuan project.
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The digital yuan is the digital currency of China’s central bank and, like all CBDCs, its fundamental principles are completely antithetical to those of the cryptocurrency space.
The basic concepts of decentralization and autonomy are dispensed with in favor of centralization and supervision, in an effort by government authorities to more easily control the flow of money. The digital yuan is also expected to be central to China’s smart city ambitions, which in the coming years will make entire cities run out of cash.
