A publication run by China’s ruling Communist Party has denied reports that the nation’s central bank is on the verge of launching a cryptocurrency.
Forbes’ Michael del Castillo reported on August 27 that the national bank’s digital currency will be a permissioned blockchain controlled by the central bank, and is intended to replace the bills and coins used in daily transactions rather than the renminbi itself.
The governor of the Bank of England just touted digital currencies as a possible replacement for the U.S. dollar as the world’s reserve currency. Such a digital asset, whether backed by central banks or even Facebook’s Libra stablecoin, would “dampen the domineering influence of the US dollar on global trade,” Mark Carney said in a speech on August 23 to the 2019 Economic Policy Symposium in Jackson Hole, Wyo.
Presidential Andrew Yang established himself as the blockchain Democrat back in April, when he added a call for clear regulation of cryptocurrencies to his policy proposals months before Facebook’s Libra stablecoin proposal made it a hot topic. Now he wants to bring voting onto the blockchain.