A survey conducted by Tencent’s fintech think tank reportedly revealed top economists in China are divided on the issuance of a Central Bank Digital Currency (CBDC), as while some believe it could be beneficial, others don’t seem to share the same opinion.
According to local news outlet Jiemian news, the survey conducted by Tencent – a firm often seen as China’s Facebook – revealed that out of 103 chief economists in brokerage firms and investments banks, and university professors, opinions are divided when it comes to a CBDC and blockchain technology.
When answering questions about blockchain technology, 33% of respondents revealed they have a positive attitude towards its development, while 32% revealed they don’t think the technology behind cryptocurrencies like bitcoin is as important as some claim it is. 19% went as far as saying blockchain technology may not have a meaningful impact in our world.
Per crypto news outlet 8BTC, the report showed Chinese experts aren’t sure about the “blockchain’s the development trend,” nor about its potential future applications. This, despite the bullish approach various governments throughout the world have had.
As CryptoGlobe covered Malta became known as the “blockchain island,” partly for being the first country to establish a full regulatory framework for distributed ledger technology. Its prime minister has, during the 73rd Session of the General Assembly of the United Nations, claimed “blockchain makes cryptocurrencies the inevitable future of money.”
Divided On a Central Bank Digital Currency
Tencent’s survey found that, when it comes to a Central Bank Digital Currency, 40% of the country’s top economists believe its central bank, the People’s Bank of China (PBoC) shouldn’t issue a state-backed digital currency.
On the other hand, 51% of respondents revealed they support the initiative. The report noted the rise of electronic payments in China has led to a decrease in cash transactions, which “poses a threat to tech-savvy banks.” The issuance of a CBDC, it adds, won’t stop cryptocurrencies from having an impact.
Reports suggest the PBoC is looking to launch its own CBDC, as the organization has recruited blockchain specialists, has filed a patent for a digital currency wallet, and has pushed for the Chinese government to consider creating a yuan-backed stablecoin.