China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck

China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck

After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin. China: ‘YuanCoin’ Trial a Success. Following the rise in popularity of the first blockchain-based currency in the world, i.e. Bitcoin, the People’s Bank of China (PBOC) is getting closer to issuing its own, albeit centralized, government-backed sovereign digital currency that will coexist with physical currency. A successful trial in....


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