China Creating Government-Backed Cryptocurrency

Moving from speculation to near assurance, UK-headquartered online trading provider, IG Group (LON: IGG), posted a subtitle, “China to introduce a national cryptocurrency.” In all but assuming such was imminent, the report continued, “In a contradictory move to banning bitcoin, the People’s Bank of China (PBoC) initiated plans to create its own official digital currency.”

That’s a heck of a statement, and there seems to be little outside of this assertion to verify IG’s claims. The financial group itself has been around since 1974, and it provides clients with educational resources on leveraged FX products and CFDs, hoping they will earn in times of up or down markets.