Beijing is going all-in on blockchain

Chinese President Xi Jinping said China should “seize [the blockchain] opportunity”. There’s a lot in there, but the big play is that they’re intending to launch a state-backed crypto currency. Of course, this won’t have the purported benefits of true, open cryptocurrencies, but it does represent a huge opportunity for China, including (by no means least of all) as a way to continue their path towards making the Yuan an international currency, and to compete with the SWIFT network.

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