Communist Party in China Has Added Cryptocurrency to Curriculum
A higher academic institution training Communist Party officials (Central Party School) in China has released a new book regarding cryptocurrency.
On May 19, reports by a local blockchain news agency noted that the Party School of the Central Committee of the Communist Party of China published the book and it is one of the books in the book series on disruptive technologies.
The focus of the book series is on the provision of a learning source for party officials and the general public to learn nascent technology trends. Two books have been published in the series and they include “A Dialogue With Party Leaders About AI” and “A Dialogue With Party Leaders About Blockchain”.
They invited the executives of China’s apex bank and commercial banks, as well as regulators to write the prologue for the newly published cryptocurrency book.
At the beginning of the book, the history and origin of fiat currency was explained, followed by an overview of the current credit currency system and the demerits. This was followed by a section on the cryptocurrency movement and the emergence of Bitcoin.
The book dedicated an entire chapter to Central Bank Digital Currencies (CBDCs) to describe the technique behind the digital Yuan and its potential effect on the current payment system.
It fully compared CBDCs, Facebook Libra and stablecoins, warning about the risks of super sovereign cryptocurrencies like Libra which challenges the monetary sovereignty of nations characterized by imperfect financial market infrastructure. The book suggested anti-regulatory means of addressing these trends.
Reports had it that China’s apex bank has pilot-tested CBDC in different sites, in spite of its progressive anti-crypto narrative. Binance has returned to China with a new domain registered with the government of China.