The central bank of China is looking into developing a national cryptocurrency. Do you think this will hurt the dollar?

[quote]CHINA’S central bank is recruiting blockchain experts to step up efforts to develop an official digital currency.
...
PBOC set up a special team in 2014 to look into digital currencies, research the legal, monetary and technological framework, and study the impact of digital currency on the economy and financial systems.

However, PBOC Governor Zhou Xiaochuan said in a previous interview with Caixin magazine that there’s no timetable for the launch of the digital currency.[/quote]

http://mobile.shanghaidaily.com/
business/finance/PBOC-aims-to-
develop-digital-currency/shdaily.shtml

This page is a permanent link to the reply below and its nested replies. See all post replies »

iamharry · 26-30, M

It can if other countries will make it a legal tender.

Invisible · 26-30, M

@iamharry: Why would they have to? Cryptocurrencies lead to an inherently more sound financial system. In order to sell something, you need to actually own it. In our current financial systems, you can just make up contracts and sell those as if it were the real thing in order to manipulate the prices of assets. Banks routinely get away with it, and everyone knows it, so I'd imagine if a national cryptocurrency was put in place, then investments would pour in