Chinese Fintech Stocks Grow Driven by Forthcoming National Digital Currency
Main page News, Fintech, China, Cryptocurrency
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Sept. 27, 2019
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China's fintech stocks are registering a significant growth driven by the forthcoming launch of the country's national currency, Reuters reports.

The CSI fintech theme index, which tracks the largest companies in the industry, has increased by 50% this year.

One of the highest gains has been registered by Beijing Certificate Authority (+200%), which provides electronic authentication services, as well as by 360 Security Technology Inc. (+50%), China's largest network security provider.

Mu Changchun, deputy director of the payments department of the People's Bank of China, said back in August that China is "almost ready" to launch its own sovereign digital currency.

He also mentioned that this currency would share a lot of features with Facebook's Libra and would be supported by popular payment platforms such as WeChat and Alipay.

Earlier this month iHodl reported that the authorities of Inner Mongolia had decided to limit crypto mining in their territory as part of China's plan to expel the mining industry from the country.

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