Categories
The country with the second-largest bitcoin market share in the world has a huge and growing cash market.
With bitcoin’s price doubling every year, the currency has become a valuable asset in a market dominated by China’s national and international banks.
The central bank of China is planning to introduce a national cash and currency exchange market in 2020.
It’s the first time China has attempted such a plan, which has been delayed by the country’s ongoing economic crisis.
The exchange is expected to begin operating in 2020, with a nationwide network expected to be launched by the end of 2019.
The aim is to help consumers and businesses swap their local currency for bitcoin.
Bitcoin is a decentralized digital currency, meaning that it doesn’t rely on a central authority to ensure its value is maintained.
The value of a bitcoin is determined by a network of computers in an effort to keep the currency’s price stable.
