China to Issue State-Run Cryptocurrency?

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PBOC Official Calls for State-Run Cryptocurrency

Yao Qian, the Director of the central bank-run Digital Currency Research Institute, laid out a clear vision for a state-run digital currency at a meeting hosted by the International Telecommunication Union. Yincai news agency reported that Yao pitched a state-issued cryptocurrency as a way to stabilize the yuan, which has undergone repeated devaluation since 2015. Yuan instability has been a primary catalyst for bitcoin adoption in China over the past two years.

"The value of cryptocurrencies such as bitcoin primarily comes from the market speculation. It will be a disaster to recoganize it as a real currency. And the lack of a value anchoring inherently determines that bitcoin can never be a real one," Yao told the attendees.

In Yao's view, bringing digital currency under the purview of government creates tangible value that promote stability.

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