Another Crash for Chinese Crypto Currency in the Focus of Hong Kong Conflicts

BY MIU LIN ON AUGUST 20, 2019: On August 18, the Central Committee of the Chinese Communist Party unveiled plans for the future development of the Shenzhen Special Economic Zone, including the research and promotion of digital funds and the research of the national cryptocurrency based on the Yuan.

According to the Chinese news agency STCN, the priorities are as follows:

“The mutual recognition of fund products is aimed at promoting interoperability with the Hong Kong and Macao financial markets and mutual recognition of financial (fund) products. In the promotion of Yuan’s internationalization, we will try it first and examine the innovative cross-border financial control. In Shenzhen, our main goal is to support innovative applications such as digital money research and mobile payments. “

As recently reported by, the People’s Bank of China, the digital currency “can now be said to be ready” in the form of a claim.

Nevertheless, as described in the following article, it will be supported by a completely decentralized two-stage operating system. Therefore, according to various analytical approaches, it cannot be called a real cryptocurrency.

Meanwhile, Hong Kong is paying higher prices for Bitcoin (BTC) while political conflicts continue within China.


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