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China Surprises World with Crypto Announcement

August 12, 2019 10:35 am

Beijing — China surprised the cryptocurrency world yesterday when it announced it has a national crypto ready to launch. The Peoples’ Bank of China reported that it had a working model of a high-frequency cryptocurrency in the prototype stage after 5 years of work. Like Facebook’s Libra, the China cryptocurrency is designed to facilitate transactions and increase adoption among merchants. However, Libra’s halt on progress leaves a void that can easily be filled by another crypto.