Chinese cryptocurrency could exceed Bitcoin?

Chinese cryptocurrency could exceed Bitcoin? Some analysts are convinced of the prompt launch of a national cryptocurrency.

Experts from around the world believe that China is particularly interested in cryptocurrency, despite some major prohibitions issued over time to try to strictly regulate the sector. Beyond that, it is widely believed that the government of the Asian country is contemplating its own version of a state-backed cryptocurrency which - according to the observers themselves - it could potentially be bigger than Bitcoin.

By supporting these speculations, IG Group, an operator providing online trading services based in the UK, has published a recent paper called "China will introduce a national cryptocurrency"Assuming that the launch was imminent and that the People's Bank of China would initiate plans to create their own official digital currency.

Although the statement for the moment is mere speculation, and although there seems to be little outside of this assertion to verify IG's claims, it is true that the British financial group has been active since 1974 and provides customers with educational resources on FX and CFD products with leverage, and rarely does it balance so clearly on its position.

In this regard, the company declared as "no official statement has been made regarding the name or launch date of the national cryptocurrency", But anticipating that" it would probably be introduced alongside the main Chinese currency, the yuan, with the intention of providing for the millions of citizens who do not have access to standard banking services ".

Chinese Bank 

"The vision of the Chinese Central Bank for its own cryptocurrency is based on regaining control of the financial sector" - IG continued.

Recall that so far the only government to launch a state-backed cryptocurrency has been the Venezuela, in a rather controversial way and without impact for the global market. Of course, the China is quite another thing: it has over a billion people and its economy is much fitter.

But will it be successful? If we think that the initial outcry of cryptocurrencies was born precisely because of their decentralization and the possibility of carrying out operations autonomously ... could a state cryptocurrency be the exact opposite, simply making every transaction verifiable?