In just a few months, the Central bank of China will introduce its cryptocurrency ” China Coin” in the market by allowing seven big firms to use the digital currency. Alibaba, UniPay, and Tencent are among the firms that will receive the first central bank-issued cryptocurrency. New Crypto wallets will be made available to consumers by those seven fintech giants all over the country. Bitmex CEO, Arthur Hayes predicted the similar scenario back in April.
Some reports suggest that new crypto wallets will also be available in other countries to make international payments with the China Coin. However, not everyone in the crypto community is excited about the radical decision of the Chinese government.
A @forbes came out today stating China is ready to launch it's own cryptocurrency, making them the first central bank to do so.
It is "designed to replace physical notes & coins in circulation."
Listen to @CryptoHayes prediction when we spoke in April…
It's happening👀 pic.twitter.com/QX3DV56bna
— Luke Martin (@VentureCoinist) August 28, 2019
A few months ago, Bitmex Ceo, Arthur Hayes, during a podcast, spoke about the current scenario that is taking place. He said that the government would replace the physical currencies with central bank-issued digital currency to take control of people’s financial activities. He further added that this would allow the government to exclude any person from the financial system who they think are not law-abiding enough.
Hayes believes that when people realize about the amount of control that the government has on the central bank-issued digital currency, they will turn to bitcoin. In hindsight, this move will make people embrace the leading cryptocurrency. Hayes predicted this scenario five months ago when he said that in the future, most of the countries would replace the physical currencies by digital currencies to take control of people’s financial freedom.