28 May 2020
Chinese Communist Party has previously learned about blockchain and artificial intelligence and now they are shifting their focus on crypto by introducing crypto book series.
As per the local blockchain news, the Party School of the Central Committee of the Communist Party of China issued a book as part of a book series on disruptive technologies.
The book series aims to educate party officials and the general public for learning about emerging new tech trends. To write the prologue of the new crypto book, Chinese central bank executives, commercial banking executives, and regulators were invited.
The book contains the history and origin of fiat currency and later it focus on the overview of the current credit currency system and its downside. Further, a section of the crypto movement and the birth if Bitcoin is written.
One of the chapters in the book is all related to Central Bank Digital Currencies (CBDCs). The chapter explains the strategy behind the digital Yuan and the impact it would bring to the current payment system.
Along with CBDCs, it also includes Facebook Libra and stable coins. The book warns about the risks involved with super sovereign cryptocurrencies, such as Libra, challenging the monetary sovereignty of countries with imperfect financial market infrastructure. It suggests counter-regulatory measures to deal with these trends.