China Directs Attention to Digital Currencies With Publication of New Book

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Communist Party of China Focuses On Digital Currencies With Publication of New Book

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  • A new book published for the officials of the Chinese Communist Party and the general public throws light on emerging technologies and digital currencies including the digital Yuan.

While the much awaited digital yuan is to be rolled out soon, the Central Party School of the Central Committee of the Communist Party of China, also known as Central Party School, published a new book to educate the officials of the party about the emerging technologies – AI and blockchain.

This book is a sequel of the book series on disruptive technologies. The previous publications include “A Dialogue With Party Leaders About AI” and “A Dialogue With Party Leaders About Blockchain”. The book has been written by some of those who held important positions in the central bank of China and other commercial banks.

The book sheds light on the roots of fiat currency and the flaws in the present credit system. In order to address these issues, it makes a swift shift of focus on the inception of Bitcoin and the growing popularity of cryptocurrencies.

The book also offers an insight on the nature and potential of CBDCs with a thorough comparison with ICOs and digital exchanges. It also warns about the risks associated with cryptocurrencies, like Libra, that might pose as a threat to national sovereignty and suggests regulatory responses to address this issue.

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