As it turns out, all the excitement may turn out to be a bubble. Or is it not? The Global Times refutes the claim that a central-bank-backed Chinese digital currency is soon to be launched. That's contrary to the recent news we've been getting. Let's see what happens next!
I will wait for the next news from them, and I hope that they are serious about that. I am very curious how it looks like, but I don't hope that it will be looks like Libra.
If they really want to launch their digital currency, I think that will make the market have more competitions of the coins since, in the market, we have so many coins that still compete to reach a better position. Let's see and wait for the update, so we know more about them.
How can you say that we will have much competition when it is going to be local to the Chinese people initially? It is a state backed up crypto for all we know, like Maduro's Petro or Russia's crypto Rubble.
But you will be surprised to hear that they are afraid of Libra? Why it is so? Because their government is suppressive and selfish, and they don't want their people to used Libra and that is the main reason why they suddenly interested on rolling their project their year.