China’s Digital Currency Idea Is A Copy?



China’s digital currency is a copy? This totally relates to the fact that China’s Digital Currency Resembles Facebook’s Libra. Basically, the Design of China’s cryptocurrency is a bit similar to that of Facebook’s currency (LIBRA). Its just the design which matches, rest of the parts remain same.

China is developing their own crypyocurrency which is similar to that of facebook’s LIBRA (calibra). As the reports say — It may launch on or after 11th november. The main objective of releasing new Digital Currency by China is to expedite the use of YUAN all around the world. China’s Digital Currency is authoritative and can be used on platforms such as Alipay, Wechat.


China’s Digital Currency Was A Planned One


According to Mu Changchun, (deputy director of the People’s Bank of China’s payments department) the idea of making china’s own digital cryptocurrency came in 2014. Also, the launch time of digital YUAN (approximately 11th november) is after the launch of FACEBOOK’S LIBRA.

LIBRA is hopefully to be launched in June as announced by FACEBOOK. Digital Currency is a real world asset kind of stuff in common for almost all kinds. May include BANK WITHDRAWALS, INTERESTS, BANK DEPOSITS, GOVERNMENT SECURITIES and other digital kind of stuff. Moreover, it is built up in a way that it can be easily trusted with a smooth process of working.


Main Objectives To Make Digital Currency


The main objective of releasing new Digital Currency by CHINA is to expedite the use of YUAN all around the world. This will give CHINA’S economy a sudden push all over including the commercial upliftment. Commercial Growth plays a crucial role in a country’s economic growth. Similarly will play for CHINA.

For digital currency to work for China, it must be authoritative according to CENTRAL BANK AND GOVERNMENT AGENCIES. This is a statement by Daniel Wang, chief executive of Blockchain. China’s Digital Currency is a copy, this fact just resembles to the similar design of china’s currency and facebook’s libra.

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Ayush Mittal Author

Hello, I'm Ayush Mittal. I'm a firm believer of " you will only achieve what you can think of ". I am a lover of sports and music because both help in making our mind and body 'sound'. I am preparing myself to make a mark in the corporate world.

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