[Translation] It is time to develop the country to encrypt the currency! Russia and China are using the Ethereum to digitize their currencies

Source : http://www.jinse.com/news/ethereum/38792.html
There would be some errors in translation. I got a lot of help from Google.

More and more central banks and governments are working to digitize their currencies, and China and Russia have also launched a survey of the potential of the Ethereum, hoping to find a basic agreement as a digital renminbi and ruble from the tower.

(Russia and China are using the ether square to digitize their currency)

At present, the Chinese banknote printing and coinage subordinate units - China Mint is testing the Ethereum and its ERC20 token standard, hoping to digitize the yuan. As the head of global business development Andrew Keys has disclosed in his blog, the Chinese mint is in the forefront of research and exploration of digital money.

By using the ERC20 token standard, the Chinese mint is actually considering the possibility of issuing unique tokens compatible with the Ethereum network, and Ethereum-compatible tokens will provide greater liquidity and interoperability.

At present, China Mint is "focusing on research and exploring the forefront of digital money, extensive participation in digital currency, mobile finance, intelligent city construction and Internet financing and other areas of innovation and practice, but also actively promote the chain of chain technology in the financial and related fields application."

(In addition to China, Russia is also studying the Ethereum and its potential in the financial sector Source: Golden Finance)

In addition to China, Russia is also studying the ether and its potential in the financial sector. Although the Russian central bank's national digital money project technology is expensive and the details are still not disclosed, but in 2016, the Russian bank has announced the development of an Ethereum-based inter-bank block chain prototype.

The block chain prototype was named Masterchain. Some large commercial banks in Russia participated in the pilot test, the Russian central bank vice president recently expressed optimism about the encrypted currency, he said:

"All state-owned regulators believe that it is time to develop a nationally encrypted currency, and each country will make a decision on a specific time frame in the future. After our pilot project, we will know that in the national currency What kind of system is used."

• Olga Skorobogatova of the St. Petersburg International Economic Forum held at the International Economic Forum in St. Petersburg from 1 to 3 June 2017

At the beginning of 2017, Vitalik Buterin, co-founder of the APF, revealed that part of the Enterprise Ethereum Alliance (EEA) was providing infrastructure for large commercial companies. With the development of a more flexible and powerful network, it will allow the central banks such as the People's Bank of China and the Russian banks to consider the practical possibilities of building applications or even national digital currencies on the basis of the agreement.

(The digital economy is not a separate industry, it is essentially the basis for the creation of a new business model Source: Golden Finance)

As reported by Bloomberg, Putin highlighted the potential of block chain technology to build new business models in the St. Petersburg incident. "The digital economy is not a separate industry and it is essentially the foundation for creating a new business model." Leonid Bershidsky is Vedomosti Founder of the editor, he said that the change to the Ethereum is to gain a competitive advantage in the West, China and Japan as part of the Russian economy to diversify it away from oil.

It is noteworthy that the Bank of China and its officials have indicated that the Ethereum is moving in the right direction in terms of vision and strategy. The Bank of China is also enthusiastic about the ICO market and intends to regulate the market in the near future .

(Smart contract technology is in the rapid development of the source: Golden Finance)

While expressing optimism about the development of the Ethereum, Mr. Yao Qian, deputy director of the Ministry of Science and Technology of the People's Bank of China said

"You can open a real intelligent business application, and because of this, smart contract technology is in rapid development."