China - first country to test National Cryptocurrency !!

News of the day !!

China becomes the first country in the world to test a National Cryptocurrency. China's central bank, the people's bank of china has developed it's own cryptocurrency which is under testing phase now. Due to their basis in blockchain they are likely to benefit the rest of the world. Information tell that it is likely to be released alongside with china's currency Yuan / renminbi. It is planning to run mock transactions with the cryptocurrency developed.

Benefits -

1. Decreases the cost of transactions and makes financial services more accessible. It is likely to influence millions of people who have no access to conventional banks.

2. Primary advantage would be the high level of security it will provide and prevention of fraudulents since it uses the concept of blockchain. This would be of great service in helping the government eradicate corruption which has always been a key concern.

3. Increases the rate of international transactions, allowing for more trades and faster economic growth.

The idea of cryptocurrency has grown monumentally ever since the humble beginnings of bitcoins back in 2009. Many National economies have began to consider their own idea of introducing cryptocurrencies in the market. To mark wide acceptance of cryptocurrency the below image is the best depiction -

This has made us realise that cryptocurrencies has the potential to not only influence the business world but also can revolutionize many methods of transactions.

Have a nice day!!