China has released its e-Yuan cryptocurrency. According to a press release on the matter, this has brought the attention of investors worldwide, many of which hope that the asset will rival that of Bitcoin or Facebook’s upcoming Libra project.
Some believe that the asset can help with the country’s big debt issue. After all, 2.4 trillion of debt is due to illegal loan practices, and blockchain technology may help that.
Speaking on the matter is J. Rothers, a senior blockchain researcher, who says:
“Using smart contracts provided by the e-Yuan currency, the government of China will be able to track assets and liabilities and to ensure that multiple loans are not taken over the same collateral.”
However, nobody knows if this asset will be backed physically like many stablecoins are, or if it will be its own digital asset closer to Bitcoin.
Recently, as InsideBitcoins has previously reported on, it was revealed that China has over a third of the world’s Bitcoin hashpower.
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