On Aug. 18, the Central Committee of the Communist Party of China made public the plans for the future development of the Shenzhen Special Economic Zone, together with the analysis and promotion of digital funds and also the national cryptocurrency based on the Renminbi.

According to Chinese press agency STCN:

“Mutual recognition of fund product. Promote interoperability with Hong Kong and Macao financial markets and mutual recognition of monetary (fund) products. in the promotion of the internationalization of the Renminbi, we'll attempt 1st and explore innovative cross-border monetary supervision. Supporting innovative applications like digital money analysis and mobile payment in Shenzhen.”

Not each digital currency is decentralized

As Top Market Group reported recently, the People’s Bank of China has already claimed that its digital currency “can currently be the same to be prepared.”

Still, as was explained within the dedicated follow-up article, it'll be powered by a two-tier software package, which cannot be totally decentralized. So, per numerous analytics, it can't be called a real cryptocurrency.

In the meantime, while political conflicts continue within China, the city is paying higher prices for Bitcoin (BTC).

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