Analysts: China’s Cryptocurrency Could Be Bigger Than Bitcoin

Experts believe China is far from uninterested in cryptocurrency despite its overt efforts at bans of one kind or another. In fact, it is widely believed the communist government is contemplating its own version of a state backed cryptocurrency. Should that be the case, analysts assume it could potentially be bigger than Bitcoin.

IG: China Creating Government-Backed Cryptocurrency

Moving from speculation to near assurance, UK-headquartered online trading provider, IG Group (LON: IGG), posted a subtitle, “China to introduce a national cryptocurrency.” In all but assuming such was imminent, the report continued, “In a contradictory move to banning bitcoin, the People’s Bank of China (PBoC) initiated plans to create its own official digital currency.”

That’s a heck of a statement, and there seems to be little outside of this assertion to verify IG’s claims. The financial group itself has been around since 1974, and it provides clients with educational resources on leveraged FX products and CFDs, hoping they will earn in times of up or down markets.

The company further acknowledges, “There has been no official statement regarding the national cryptocurrency’s name or launch date, which makes it difficult to prepare for. It would likely be introduced alongside China’s primary currency, the yuan, with the intention of catering to the millions of citizens who lack access to standard banking services.”

The Chinese government has been making noise of late, however. Its Center for Information Industry Development continues to release crypto rankings for some odd reason. It recently inked a crypto regulation deal with South Korea. And with a reported 3 million Chinese citizens continuing to hold their digital assets even despite bans, there does seem to be something of an appetite.

What If?

“The PBoC’s vision for its own cryptocurrency is based on taking back control of the finance sector. It has argued that without government control, a cryptocurrency could become a tool for drug dealers and terrorists,” IG insists

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