The former VP of the Central Bank of China has stated that cryptocurrencies can be used as a substitute for money but shouldn't be restricted to just that.
He said cryptocurrencies could change monetary infrastructure such as the establishment of accounts for all social individuals on the bank's digital asset platform. This allows the bank to oversee cryptocurrencies without having a significant effect on the present financial structure.
He also mentioned that use of cryptocurrencies help boost the efficiency of monetary laws as they prevent the exorbitant use of physical, paper notes.
This comes at a time when financial institutions are considering using cryptocurrencies with the country's Central Bank spearheading the plans of creating a digital currency.
China has not issued any statement or information about the digital Yuan; however, some insiders in the industry believe it may not turn out to be the country's universal currency.
Other countries such as Japan are also looking into exploiting digital assets by researching about it.
Source: Cointelegraph
