China launches official book on cryptocurrencies

The Communist Party of China Central Committee Party School released a new book on cryptocurrencies to train its officials . The installment is part of a series of books on disruptive technologies, including "dialogues with party leaders" on Artificial Intelligence (AI) and Blockchain .

The aim of the Communist Party with this series of editions is to provide an official source for its officials and the general public to learn about new trends in emerging technologies . Executives from the People's Bank of China (PBoC), commercial banks and regulatory bodies participated in its foreword .

"We did a comparative analysis of cutting-edge issues, conducted multidimensional discussions and reflections on theory, system and practice, warned about the risks of various financial types of digital currency and proposed regulatory responses," reads the official announcement.

Following an introduction to the history and origins of fiat currency , the book provides an overview of the current credit currency system and its downsides. Then, it takes you on a tour of the crypto movement and the birth of bitcoin .

The edition delves into the nature and future of the digital currency , explains definitions such as " crypto exchanges " and " ICO ", and discusses and analyzes regulatory issues . In addition, it dedicates an entire chapter exclusively to the Central Bank's digital currencies (CBDC) , and offers a complete comparative analysis with Facebook's Libra project and stablecoins .

Finally, he explains the strategy behind the digital yuan and the impact it would bring to the current payment system ; warns of the risks of sovereign cryptocurrencies , and proposes counter- regulatory measures to address these trends.