Central Bank of China will turn renminbi into a cryptocurrency, Donald Tapscott claims

Executive chairman of the Blockchain Research Institute Donald Tapscott said in an interview with Bloomberg that he believes renminbi, the official Chinese currency, will become a cryptocurrency in the future. Tapscott believes there is a “weird dichotomy” in China’s perception of blockchain and crypto assets. While the former is believed to be a great invention, the latter is seeing much more negative reactions.

Tapscott said the vice-chairman of the Chinese Communist Party cited President Xi Jinping saying blockchain is “one of the two most important technologies for the future of China.”


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

However, at the same time, the government’s stance against crypto is strong. The country is again contemplating imposing a ban on crypto mining, even though the largest chip manufactures originate from there. China has also banned crypto exchanges and ICOs.

According to Tapscott, banning exchanges and mining isn’t necessary since “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.“