Chinese bitcoin is not ready for launch

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The Chinese government has been working on the project on-and-off for almost five years, despite publicly eschewing bitcoin and other global cryptocurrencies. The crypto narrative from the political corridors of Beijing has been ramped up in recent weeks to the point of almost suggesting it has been designed to replace the physical Chinese Yuan within two years – something that to any other nation on Earth would seem as astonishing as it implausible. “There’s a massive potential cost for any nation facing the prospect of being late to the party with building a cryptocurrency infrastructure,” trader and exchange analyst Emile Shihao told express.co.uk.

“Over the next few years it is likely that cryptocurrencies will become mainstream and China, being the technologically advanced nation that it is, will naturally want to be at the sharp end of advancing that technology. “But, in my opinion, something doesn’t quite add up with either the way the PBC is presenting this move or the very wild claims we’re hearing – some of it doesn’t make sense.” One aspect of the many claims about the BTC rival and its ability to replace China’s physical currency that grates with observers is the fact that it will almost certainly rely on mobiles.