The People's Bank of China argues that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability. However. China was initially cautious in the development and application of blockchain technology. Among the technology's best-known attributes are the relative. The Chinese government banned Bitcoin mining in July last year. It has plans to launch its central bank digital currency (CBDC) called the. UNO CRYPTOCURRENCY PRICE

It wants to gain greater insight into how money is flowing in the country, something that is hidden in cash transactions and even in mobile payments whose data rests with private firms. This is ostensibly to improve monetary policy and also to prevent illicit activities, including money laundering. As part of a broader regulatory crackdown on tech, both of those companies have faced antitrust probes and pressure to share data with the state.

The Games will feature ATM machines that can convert foreign currencies, including US dollars, into the virtual Chinese money, which will be carried in a digital yuan wallet card. Surveillance objections could even see countries lobbying their athletes to avoid using the digital yuan at the Games; in the US, some Republic politicians are already applying that pressure. Since people in China need to register their numbers with real identities, that promise may not carry much weight.

Stablecoins planted the fear of pockets of digital payments that are anonymous and circumvent the yuan entirely. Crypto found fertile ground in China for several reasons, including that many in the country were already familiar with the concept of virtual currency thanks to Tencent.

For people in China ring-fenced by capital controls and looking for places to invest besides sky-high real estate, bitcoin was also both an investment option and a way to transfer funds overseas. Between and , several crypto exchanges and bitcoin-mining gear makers were established in China, while investors piled into waves of initial coin offerings. China banned ICOs and crypto trading in , the same year that development of the digital yuan kicked into high gear.

But why is China hellbent on putting crypto in the ground! As much as this sounds remotely possible, there is a bit more to it. Briefly, China wants to cut out any competition to its regulated, monitored, and blatantly centralized Digital Yuan. But the jarring announcement on September 24, , seemed like a desperate move towards cutting out anything decentralized and transparent.

For now, China is justifying its stance to put a tab on the surging electricity consumption resulting from crypto mining. Still, this justification hardly seems persistent enough as several eco-friendly cryptocurrencies like Chia, IOTA, and Cardano are slowly surfacing, with lesser energy-specific demands. How are these restrictions going to benefit India? Encouraging crypto transactions, mining, NFT adoption, and even ICOs will play a pivotal role in driving the crypto craze in the country.

The basic set of benefits are far more pronounced and require foresight. China banning digital assets has already forced several miners to move out to other countries. And with leading crypto-exchanges like Huobi having to drop the Chinese users, the Asian crypto juggernaut will inadvertently head towards India.

Provided India softens its stance towards crypto and becomes more accommodative towards miners, and we could see an influx of crypto-minded nerds and colossal players into the country. The inflow of miners followed by the sentiment-driven price drops is expected to work well for significant crypto exchanges, with traders and investors finding this scenario opportune enough to enter Bitcoin or Altcoins for the longer haul.

In hindsight, India has the potential to become a crypto magnet, with this latest move from China being the primary precursor for growth, employment, and financial opportunities.

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Virtual currencies don't have to use cryptography, which means that not every virtual currency is also a cryptocurrency. Vertcoin developers announced plans to add merged-mining with a new cryptocurrency to be called monoclecoin, so that developers may test new features regularly. This way the value of cryptocurrency is measured on popular demand and by the trust in a currency. Peercoin is the fourth largest minable cryptocurrency by market capitalization.

Alternatively, digital gold currency and cryptocurrency can be viewed as examples of how global currency can be implemented without achieving national government consensus. The country currently has 2. The circulation of the currency will be controlled by the state and only authorized brokers and banks will be able to sell the cryptocurrency initially. It is yet unclear whether the currency will be backed by any physical assets. China is known for recently purchasing large amounts of gold to back it's fiat currency Yuan.

It is likely that if the value if e-Yuan falls, the government would step in to provide physical asset backing in order to stabilize prices in investors' favor. All of this provides great returns for both e-Yuan and Chinese technology stock investors.

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