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China’s new bitcoin rival to displace banks and boost state surveillance, report says

China’s state-backed cryptocurrency could displace banks

China’s plans for a state-backed cryptocurrency could eliminate the need for bank accounts, new research has suggested. A report published by Binance, the world’s largest cryptocurrency exchange, gave an overview of what China’s central bank digital currency is expected to look like and how it will compare to bitcoin and Facebook’s forthcoming Libra currency.








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