Chinese banks and several Chinese companies, such as Tencent and Alibaba, have said they will support the digital coin released by the Chinese government.

However, the most frightening scheme is that China's digital money may be backed by something real: gold. If that happens, it would be the only institution, unlike Facebook's stable Libra currency, which is linked to fiduciary currencies and government-controlled dollars.

In this regard, Chinese President Xi Jinping applauded blockchain technology, saying that China would use it as a "central technology for advancement". Bitcoin's (btc) price rose 42% in 24 hours.

Information-source: criptomonedaseico.com