A recent survey conducted by the Tencent Financial Science and
A recent survey conducted by the Tencent Financial Science and Technology Think Tank in China suggests that a majority of all economists in the country would be in favour of having a virtual currency backed or supported by the Central Bank. Strangely, a smaller number of economists believe in the potential of blockchain technology to change the world, be it in terms of business benefits or otherwise.
A local media outlet in China recently reported these findings carried out by the Think Tank. Around 100 economists in the country were surveyed and the questions dealt with issues concerning several fields such as the internet, fintech or financial technology, artificial intelligence or AI and the traditional stock market. The overarching objective or goal of this particular survey was to assess and evaluate the situation of investments and macroeconomic scenario of the country.
51% of all those surveyed responded saying that they would welcome the launch of crypto currency backed directly by the country’s Central Bank. 40% of all respondents, however, said that they would not be in favour of such a move by the country’s Central Bank. Therefore, even though a majority of all these economists would indeed be supportive of a crypto launch, a rather substantial number is also ready to oppose it.
The survey also suggested that the use of electronic payments is also seeing a major rise in terms of numbers. The study however revealed that no matter what changes were made, even a launch of a centrally backed cryptocurrency would not be able to affect the future of such currencies in the Chinese context.
The survey also studied responses to blockchain technology. It was revealed that 33 per cent of the economists surveyed felt that blockchain technology, the emerging technology expected to fuel the fourth revolution, has immense potential inherent in it. On the contrary, 19% said that it would have little bearing on the tech and business worlds in the coming years.
The survey reveals that even though the government of China has been trying to promote and encourage the spread of DLT (distributed ledger technology) in the country, the economists are not entirely on board with such enthusiasm.