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China Considering East Asia Regional Cryptocurrency to Rival Dollar and Libra

Published 06/17/2020, 07:24 AM
Updated 06/17/2020, 09:00 AM
China Considering East Asia Regional Cryptocurrency to Rival Dollar and Libra
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Chinese officials are reportedly planning to create an East Asia digital currency to assert more independence from the United States dollar and foster trade relations within the region.

According to a recent Nikkei Asia report, 10 members of the Chinese People's Political Consultative Conference, the country’s top political advisory body, proposed creating a digital currency that would be backed by a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The article does not specify which blockchain the projected cryptocurrency would be based on.

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