Survey: 51% of China's economists support a central bank digital currency

02 Feb, 2019
by Richard Allen
Survey: 51% of China's economists support a central bank digital currency

A recent survey conducted by Tencent’s Financial Science and Technology Think Tank surveyed 100 Economists in China. The results found that the country’s top economists are divided on the impact of blockchain technology and whether or not the central bank should issue a digital currency.

According to local news source Jiemian, the survey found that 33% of economists believe blockchain technology is of great significance, while 32% think it's not that important. 19% think it’s of little importance.

The results indicate that economists in the country are uncertain about the future direction and application of the emerging technology despite local governments’ efforts to actively develop blockchain.

The survey found that 51% of respondents support the idea of the central bank launching a digital currency while 40% opposed the idea of launching a central bank digital currency (CBDC). The results show that there are still many uncertainties regarding the launch of a CBDC in the country.

The report states that with the rise of electronic payments increasing in China, various cryptocurrencies being used varying degrees and a decline in cash transactions means that the issuance of a CBDC cannot avoid the impact of digital currencies.

Recently, Chepicap reported that the Chinese government began forcing customers of blockchain platforms to submit their names, IDs and phone numbers, or face fines or prosecution.

Read more: China’s cashless revolution could embrace crypto, but probably won't

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Read more about: China


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