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China preps for the launch of government-backed cryptocurrency, censors any negative backlash

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It what could one of the biggest turn of events in digital currency space, China, the world’s second-largest economy is reported to be launching its cryptocurrency soon. To prepare for this launch, the Chinese government has started campaigning positively about digital currency – and, of course, silencing those that criticize it.

Cryptocurrency news resource CNLedger is reporting that China has started the ban on articles claiming that cryptocurrency is a scam.

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Advertisements promoting the benefits of the blockchain has also started appearing online on Chinese websites and social media. This comes after China President Xi Jinping said recently that blockchain is an important breakthrough that should be developed.

It took the Chinese government almost 5 years when the central bank started exploring the possibility of creating its cryptocurrency in 2014. Bitcoin exchanges and other cryptocurrency platforms were banned in the country until now.

Also, China will soon be implementing a recently approved law that will facilitate the development of the cryptography business and ensure the security of cyberspace and information. This new law will come to effect on January 1, 2020.

The new law comes before the launch of the state-backed cryptocurrency which is scheduled to be launched in the early part of next year. Although the government has not announced a specific date for the launch, a senior official from the China Central Bank says that the launch will be happening soon.

While this may seem good news for the Chinese financial market, its effects have also rippled to the established cryptocurrencies such as Bitcoin. Some analysts are saying that China’s entry into the cryptocurrency market adds legitimacy to the industry. For instance, Bitcoin’s value recently rose from below $7,500 to $10,000 within a few hours when China’s plan was revealed.

Nigel Green, CEO of de Vere Group, a financial advisory company says that China’s launching of state-backed cryptocurrency gives a signal that even the leader of the world’s second-largest economy is supporting the cryptocurrency technology. This gives the whole digital currency industry a much-needed boost.

After all, who could ignore the sentiments of no less than China’s President Xi? Thus, exposure to Bitcoin has increased significantly. China’s plan is indeed further proof that digital currency could very well be the future of the financial industry.

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