Published On: Mon, Apr 9th, 2018

China’s State ‘Cryptocurrency’ to Feature Negative Interest Rates

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Over the weekend, signs of positive sentiment have entered the cryptocurrency market, with Bitcoin potentially having found its footing and many altcoins surging with confidence. However, news out of China is aiming to rain on the parade — as the People’s Bank of China looks to crack down further on Bitcoin while creating its own digital currency. 
People’s Bank vs. People’s Currency
According to various reports, the People’s Bank of China (PBOC) plans on placing stricter regulations on Bitcoin and other cryptocurrencies while the country’s central bank explores the creation of its own digital currency.

The vice governor of the PBOC, Fan Yifei, stated:
First, we will intensify reforms and innovations to promote the central bank’s digital currency research and development; Second, the bank must strengthen supervision and rectify all types of virtual currencies.
According to Investing.com, the PBOC’s director general of financial research has also pushed the central bank to develop its own digital currency as quickly as possible, claiming such a product would help solve interest rate issues caused by cash. He stated:
In the long run, due to the lower natural …

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