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China and Russia have seen the potential of cryptocurrencies and would be developing their own Altcoin, in order to offer their own currency, which works collaboratively with the physical currencies of each of these countries.
Currently, more and more central banks and governments are interested in cryptocurrencies, especially to regularize them. China and Russia are seeing the power of Ethereum as a base protocol in developing a digital version of the Yuan and the Ruble. We must bear in mind that at the moment the Royal Chinese Mint, which is in charge of printing banknotes and minting coins, is testing Ethereum and the ERC 20 token standard for digitization of Renminbi or Chinese Yuan. ConsenSys Global Head Andrew Keys has revealed on his blog that the Royal Chinese Mint is at the forefront of digital money research and explanation.
Through the use of ERC 20’s token platform, the Royal Chinese Mint is considering launching coins that are compatible with the Ethereum network, thus allowing an Ethereum-compatible token to have greater liquidity and better operability in different markets.
The Royal Mint has said that it is’ focused on research and exploration at the forefront of digital money, engaging widely in innovation and practice in fields such as cryptocurrencies, mobile finance, smart city building and finance through the internet, in addition to actively promoting the application of blockchain technology in finance and other related fields. ‘
The Chinese government is not the only one interested in this field Russia is also investigating under Ethereum and the potential of this Altcoin in the financial sector. The technical specifications and details of such a project for the development of a digital currency by the Russian central bank are unknown, but already in 2016, the Bank of Russia announced the development of a prototype based on a banking interconnection based on the blockchain of Ethereum called Masterchain. Some of the largest Russian banks have participated in the experiment and the Deputy Governor of the Bank of Russia has recently expressed optimism about this cryptocurrency.
‘Regulators in all countries agree that it is time to develop national cryptocurrencies, this is the future. Each country will decide on the specific time frames. After our pilot projects, we understand that this system can become popular. ‘