The government in China has launched an information initiative on Bitcoin, Blockchain & Co. With its Central Bank Digital Currency (CBDC), it is taking decisive action against the Facebook coin Libra.The planned and currently being tested CBDC of the People’s Republic of China is in every respect the opposite of Bitcoin (BTC). Designed as a centrally controlled currency that offers good opportunities to monitor money flows under the control of the Communist Party, it is diametrically opposed to Bitcoin. After all, Bitcoin is designed to be decentralized and builds on a peer-to-peer network. The control lies with the users, the control takes place via the blockchain.
China is developing anti-Bitcoin with political explosives
However, what Bitcoin and the digital renminbi share is the ability to produce economic explosives. Because the government in China is planning nothing less than to fight for supremacy in the economic showdown.
In a statement released on May 19 on a book on Bitcoin, blockchain and digital currencies, the Communist Party also stated that it was directly competing with Facebook Coin Libra with its CBDC.