After banning and cracking down on crypto currencies for years, China is now poised to create and release its own. This seems to stem from concern about Libra, Facebook's emerging crypto currency, and how the Chinese government will have a difficult time controlling its use on social media. Whatever the change in tone, it bodes well for crypto long term when such an authoritative government gets on board. However, a more cynical thought is that this is just another control mechanism to keep tabs on the spending behavior its people.
http://www.china.org.cn/business/2019-08/20/content_75117829.htm
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