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RE: Well, someone had to be first - China Becomes First Country in the World to Test a National Cryptocurrency
Good news. I'm wondering how fair this crypto currency will be. We don't need another inflationary money, no matter if they are paper or digital.
I think like any crypto it's a question of adoption that depicts the price. If this thing is to be a nationalized currency then we'll naturally be seeing a high adoption rate. Think of China's population to get an idea of where this could go. I think it's safe to say that once released it will have nowhere to go but up. I'll be keeping an eye on this for sure.
Agree. It's worth to mention that cryptocurrency can draw price of monetary operations down. Banks won't be necessary in many cases at all.
Except this particular currency is being developed by China's central Bank. As a centralized currency, it's inevitable that banks will play a major role here.
Hope their role will be reduced and fractional reserve won't take place there. But it's hard to imagine that government will give away it's power to manipulate interest rates.