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George Ma
in
Crypto
May 6 13:46

China is testing sovereign cryptocurrency

China, in response to attacks by the U.S., announced the start of a new digital currency testing that will be able to "untie" it from US dollar in the future.
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China wants to form its own currency system. Officially, there is no schedule for the introduction of a new cryptocurrency, but recently the Central Bank of China has heavily invested in the development of electronic yuan. It is supposed to become the first digital currency created and managed by the state, not a private corporation.
One of the key features of the e-currency being created by China is that, unlike most cryptocurrencies, it will be transparent to the national payment system.
As noted by the Chinese media, the introduction of sovereign cryptocurrency is important now, as the US dollar is turning into a "weapon" of U.S. foreign policy through unilateral cartel sanction combined with threats to exclude companies from the SWIFT dollar payment system. In addition, the development of trade settlements based on the yuan will become an alternative to US dollar