Sunday, August 25, 2019

Survey Reveals 51% of Economists in China Will Support a Central Bank Digital Currency

Based on a recent survey conducted by Tencent Financial Science and Technology Think Tank, a majority of economists in China support a digital currency backed by the central bank. A lesser percentage, on the other hand, are of the opinion that blockchain technology has great significance, according to a media outlet on February 1.

100 Economists in China Surveyed

Tencent Financial Science and Technology Think Tank has carried out a survey of 100 economists in China. The survey was targeted at areas such as artificial intelligence, Internet, financial technology and the stock market. Also, the purpose was to ascertain the macroeconomic and investment situation in the country.

Based on the survey, 51 percent of respondents support the launch of digital currency by the central bank. Forty percent, on the other hand, oppose the release of a central bank backed digital currency. Therefore, conclusions have been made that the future of virtual currencies in the country is still uncertain given that the percentage of those who are in support and opposition are almost the same.

An Increase in Electronic Payments and Use of Digital Currency

In the same vein, the results of the survey show that there is a rise in the use of electronic payments. Digital currencies are also being used, but fiat currency is experiencing a certain level of difficulty. Nonetheless, the study pointed out that a currency released by the central bank will be unable to impact on the future of virtual currencies.

Asides cryptocurrencies, blockchain technology, is another area the research focused on. In this case, 33 percent of respondents said that blockchain has great significance while 19 percent stated that it has little significance. Alternatively, 32 percent of economists generalized and this can be assumed as the technology is less impactful.

Related Article:  Bitcoin Prices Breaks $5000 Down, Network Capacity Compromised

Economists in China are Uncertain About the Application of Blockchain

Therefore, judging from these results, economists in the area such as the chief economist of the brokerage investment bank and professors of some universities are still uncertain about the potentials of the distributed ledger technology (DLT). This goes contrary to the attempts of the government to adopt the DLT and apply it to certain sectors in the economy.

BTCNN on December 8 reported an instance of this, where the Hangzhou Internet Court is using a blockchain-based judicial platform. The latter helps to protect the literary works of writers, and so far, about 107 authors have registered. As a result, this helps to prevent cyber theft given that there are over 400 million readers in the country and 4 million author accounts.

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