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  • Donald Tapscott, The executive chairman of the Blockchain Research Institute, believe the renminbi could soon become a cryptocurrency.
  • Tapscott met with the vice-president of China, who believes that the technology is going to play a crucial role in China’s future.

The executive chairman of the Blockchain Research Institute said that China’s official currency, the renminbi (RMB) will soon become a cryptocurrency.

The Blockchain expert detailed that Cryptocurrencies and China have had anything but a stable relationship. China at present has a blanket ban on initial coin offerings (ICOs), cryptocurrency exchanges, and is now event mulling banning the mining business too.

However, Donald Tapscott, executive chairman of the Blockchain Research Institute, believes that despite China’s anti-crypto outlook, the country could still go the digital currency route. Tapscott said that he sat down with the vice-chairman of the Communist Party of China, who apparently told him that President Xi Jinping believes that blockchain technology will play a crucial role in China’s future.

Tapscott said:

It’s not really necessary to do that because 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. The central bank of China will turn it into a digital currency.