Donald Tapscott, executive chairman of Blockchain Research Institute, predicts China will switch to digital renminbi within 20 years.

China to switch to cryptocurrency version of renminbi (RMB)? Yes, according to Donald Tapscott, executive chairman of the Blockchain Research Institute.

In an interview with Bloomberg on 17^th April, Tapscott revealed that he’d met with the vice-chairman of the Chinese Communist Party, who’d told him that President Xi Jinping is very enthusiastic about blockchain tech in China.

Regarding the Chinese ban on crypto exchanges and proposed ban on cryptocurrency mining (see CRYPTO MINING BOMBSHELL: CHINA REVEALS PLANS FOR OUTRIGHT BAN), Tapscott claimed that is was unnecessary because in twenty years the Chinese wouldn’t be using bitcoin anyway, with everyone instead using a digital crypto version of the RMB, courtesy of the central bank of China converting it into a digital currency.

Tapscott also expressed his conviction that decentralised exchanges will dominate the global trading, even with traditional assets like securities – something which seems to be slowly unfolding with new decentralised infrastructure maturing rapidly.

AYO.NEWS says:

Blockchain and cryptocurrencies represent something of a conundrum for the Chinese government. On one hand, the decentralised nature of exchanges and mining undermines the centralised control so vital to maintain the viability of the communist power structure, but on the other hand, if the state could force everyone to use a digital currency of its own making, and remove all alternatives, it could actually gain unprecedented control over every single citizen and business (a possibility other repressive states, like Dubai, have also noted).