In another sign that China is serious about the blockchain revolution, the ruling Communist Party has added cryptocurrency training to its curriculum for trainee officials. 

Preparing officials for disruptive tech

According to local media, the Party School of the Central Committee of the Communist Party of China, aka ‘the Central Party School’, has published a new textbook covering cryptocurrency, as part of a series about disruptive technologies, which also includes books about AI and blockchain. 

Apparently, the new textbook had input from central bank and commercial bank executives, plus regulators, and it is fairly comprehensive – covering the history and evolution of fiat currencies, the current global credit system, and the birth of Bitcoin (BTC) and the cryptocurrency movement. 

It also contains an entire chapter covering Central Bank Digital Currencies (CBDCs), including the digital Yuan project, and features analysis of Facebook’s Libra and stablecoins.

China now front-runner in digital currency race 

As we’ve been reporting over the past year, China is well advanced with preparations to launch its digital Yan CBDC, having taken full advantage of US and European political dithering. 

In January China introduced a password law, providing the clarity and conformity which is essential for the country to introduce a central bank digital currency and become the leading blockchain-based economy. While in April, the country launched a national Blockchain-based Service Network to encourage the development of new blockchain projects, smart cities and the digital economy, by providing a trusted and scalable infrastructure and reducing costs. 

AYO.NEWS says:

With the west distracted by the unprecedented self-inflicted economic catastrophe caused by a massive overreaction to the COVID-19 pandemic, China is powering ahead, embracing emerging technologies at a national level and ensuring those in charge at least have a basic understanding of them. 

The more cynical among us could be forgiven for wondering if this wasn’t all part of some grand Chinese plan to sink the west and dominate the world…

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020