What is going on over in China? No, not what the new dim sum fusion food is. It was just a few weeks ago the government cracked down on bitcoin exchanges and trading and now they are launching a digital currency research institute to study what they cracked down on. Like, stop doing that until we know what you are doing.
The People’s Bank of China (PBoC) has decided to launch a digital currency research institute to formally study and explore blockchain technology and bitcoin (and digital currencies in general). The PBoC wants to make sure that they fully maximize the huge potential that blockchain offers (speed, costs, acceptance, etc) the financial industry. China’s big worry is that the blockchain technology is not ‘mature’ yet. Since China is a technology leader it’s good to know they are on top of things and want to make sure they fully understand all new innovation. (Bill Taylor/CEO)
“People’s Bank of China (PBoC) is officially launching a digital currency research institute on Jan. 29, one day after the celebration of the Chinese Lunar New Year.
In an interview with a national newspaper China Securities Journal earlier this week, PBoC department of technology director Li Wei revealed the plans of PBoC to actively examine and explore Blockchain technology.
Specifically, Wei stated that the central bank of China is interested in the ability of Blockchain technology to settle real-time transactions in a secure, cheap and efficient ecosystem of peer-to-peer users.
To test and experiment with Blockchain technology in real-life scenarios, Wei announced that the PBoC is looking to form a research institute focused on researching Blockchain and digital currencies to ensure the potential of Blockchain technology is fully maximized within the Chinese financial scene.”