China is testing its National Cryptocurrency

China’s central bank — the People’s Bank of China — has developed a prototype of a cryptocurrency that might be circulated in the near future. It would be introduced alongside the China’s primary currency the renminbi (also called the yuan).

Some benefits are expected from the decisions of cryptocurrency. It is assumed that it will cut the cost of transactions in order to make financial services more accessible to the millions of people in the country who are isolated to conventional banks.