1.4 Billion Population Of China To Use Cryptocurrency In 20 Years, Expert Says

Donald Tapscott, executive chairman of the Blockchain Research Institute, and his son, Alex Tapscott, co-authored the book Blockchain Revolution, were interviewed on Bloomberg, where he spoke about a variety of subjects.

In the interview Tapscott says that some of China’s strict decisions on crypto related activities are unnecessary and that nations will implement some form of digital currency,

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.

Tapscott also spoke positively of decentralized exchanges, which are not controlled by any single entity and as such are harder to shut down. When asked if this would be a problem in China, where the government has been strict on crypto-related activities, Tapscott said that it could possibly operate in the country, though banning exchanges and mining would cause harm.

China has an eye on blockchain technology, which it deems as important for modernizing its economy. However, the country has taken a less than friendly approach to such activities as mining, which is popular in China, given the cheaper electrical power rates. The technology has also been promoted on state television channels, backed by the likes of Alibaba.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.