Chinese Communist Party Publishes a New Book about Cryptocurrency

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As reported by a local blockchain news website this May 19, the Party School of the Central Committee of the Communist Party of China, most commonly known as that Central Party School, has published a particular series of books tackling about disruptive technologies.

The book series were intended to give out a reliable source for the party officials and the public to learn all about the newest technological trends. It is also worth mentioning that executives and regulators of the central bank of China have been explicitly invited to input a prologue for the new published book about cryptocurrencies.

The book details the history and point of origin of the fiat currency. It also provides a broad overview of the latest credit currency system and its disadvantages. This all then culminates to a specific section wherein the book details the conception of Bitcoin (BTC) and the movement of cryptos.

It dives deep into the topic of the true nature and the foreseeable future of digital currencies while also detailing the terminologies that may seem foreign to the masses, particularly the ICOs and crypto exchanges. The book explains regulation issues that plague these new developments in the industry.

Noteworthy, a whole portion of the book was dedicated to the topic of Central Bank Digital Currencies (CBDCs). It explains, in great detail, the tactics behind the development of the digital Yuan and the effect it would have to the existing payment system within the country. Furthermore, the book has a comprehensive comparison analysis on Facebook’s Libra, CBDCs, and stablecoins.

It then warns the readers of the supposed risks that come with super sovereign cryptos, such as the Libra, specifically its potential to challenge the monetary dominion of particular countries that has inconsistent financial market groundwork. The book then proposes a solution to combat these particular trends.

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