Official Chinese Currency Renminbi to Become Cryptocurrency, Expert Says

Donald Tapscott, executive chairman of the Blockchain Research Institute,  stated that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency, in an interview with Bloomberg on April 17.

In the interview, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one of the most important technologies for the future of the country.

Speaking about the government’s ban on cryptocurrency exchanges, Tapscott outlined that China is considering to ban cryptocurrency mining as well, and added:

“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”

When asked if decentralized exchanges can operate in China —  which has previously