State-Backed Digital Currencies Won’t Be Able to Fight With Bitcoin

These digital currencies are a contradiction of the revolution embodied by Bitcoin.

During the first ten years of Bitcoin’s existence, the position of Xi Jinping’s China was never really clear. Between prohibition and authorization, China has struggled to find a coherent strategy. Generally speaking, the problem has been the same for most of the world’s major economic powers.

The fact that Bitcoin takes away a number of monetary prerogatives from countries in order to give power back to the people is a major risk in the eyes of the rulers of many countries.

At the end of October 2019, China finally abruptly changed its position concerning the Blockchain and cryptocurrency industry. Embroiled in an endless trade war with Donald Trump’s United States, Xi Jinping suddenly decided that China should become the world leader in Blockchain.

The lack of a clear U.S. positioning in this field made this all the more relevant. Xi Jinping, therefore, decreed that all Chinese technology companies should push their efforts in this field from now on.