Will China's ban on cryptocurrency end?

The development of this official digital currency reflects the government's recognition of the potential of blockchain technology and digital assets. While banning private cryptocurrencies, the government sees an opportunity to harness the benefits of these technologies for the national economy.

BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures contracts, and digital wallet solutions. Despite the ban in China, BTCC and other international exchanges continue to provide access to cryptocurrency markets for investors worldwide.

Despite the complete ban on cryptocurrency in China, the country has not seen the end of digital assets. Rather, the prohibition has paved the way for a government-backed and officially recognized digital currency.

In the fourteenth Five-Year Plan, the Chinese government outlined financial sector reforms, which encompassed the development of a digital currency. This move signals a shift in policy towards embracing digital technologies in the financial sphere.

The proposed digital currency is intended to complement the existing monetary system, offering increased efficiency and convenience. It is expected to be backed by the government, ensuring its stability and credibility.