Chinese Communist Party Adds Cryptocurrency To Curriculum
The Central Party School, which prepares the officials of the Communist Party of China, has published another book on cryptocurrency.
On May 19, the Central School of the Central Committee of the Communist Party of China laid out open access to the next book about the best technology. Previous books received the title “Dialogue with party leaders about the AI” and “Dialogue with party leaders about the blockchain”.
This initiative makes it their own goal to inform the party officials and a wide range of new achievements. The deadline for the new book was to write to the managers of the central bank of China, the commercial banks, and the regulatory banks.
What is This Book About?
The book starts with the history of fiat currency, then follows the review of the current system of credit currencies and its deficiencies. In the section, a separate movement is dedicated to the creation of bitcoin.
The publication explores the nature and future of digital currency, as well as details that include such exchanges and ICOs. Also, it analyzes the issues of regulation associated with new developments.
Digital Yuan and Other Currencies
The whole chapter of the book is devoted to the Central Bank Digital Currencies (CBDCs). The strategy for the development of the digital yuan and the effect of this on the current payment system will be explained in it.
Along with this, there is no listing of cryptocurrencies, such as Libra, some will give rise to monetary sovereignty of countries with an incomplete infrastructure of the financial market. To eliminate such projects, strict prohibitions are proposed.
China’s views on Blockchain and Cryptocurrencies
The People’s Republic of China over the years has created its niche in the cryptocurrency and blockchain sectors. In 2017, China became the first East Asian country to decide to ban cryptocurrency trading.
Since then, the community has become accustomed to believing that China is adamant in its position and will always oppose anything cryptographic. However, last October, President Xi Jinping called for increased investment in the blockchain sector. This has had a seriously positive effect on the price of bitcoin.
At the end of 2019, PRC introduced a new regulatory update, which states that cryptocurrencies are still illegal. China continued to repeat to the whole world and its citizens: “Blockchain is important to us, not Bitcoin.”
Some believe that the country is not fully aware of how to use digital currency. Many are sure that the new textbook will help officials in finding the necessary information to clarify the future purpose of the coin.
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