What is behind China’s digital currency aspirations?

Abstract

A former high-ranking Chinese official, Huang Qifan, announced in October that China may well be the first country to issue a digital sovereign currency. Chinese president Xi Jinping’s recent public endorsement of blockchain technology has further sent the nation into a frenzy of digital encryption. Stocks, even those of remote relevance to the blockchain concept, soared in value during the trading day. Local governments rushed to announce new sponsored programmes supporting the technology