China All in on Digital Currency, What Does it Mean for Dollar & XRP?

China’s rapid embrace of blockchain, more precisely its Yuan backed crypto is huge news in circles such as congress, finance and the Whitehouse itself.

First off we start with China’s new law aimed at developing blockchains increasing role as a replacement for Fiat currency active 1st Jan 2020.

According to the Chinese congress, the new law will also encourage nationwide educational efforts, such as public exhibitions, to promote cryptography among government officials, companies and social groups. China’s national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market.

CoinDesk

Although trading crypto remains illegal for now, many feel the law will open up some 1.3 Billion people to cryptocurrencies such as XRP, perhaps sooner than later.

In China, people are already making most payments with mobile phones, add to that the fact that there are now more Chinese millionaires than in the states.

A very smart move, moving so quickly could mean financial checkmate on the $ as the global reserve currency, a Yuan crypto could also circumvent sanctions in the trade war.

Soon to be head of the ECB Christine Legarde and Facebook meat smoker Zucks have both warned of what could happen if the US is left behind.

While being grilled in congress regarding Libra coin, Zucks warned officials of the dangers of not getting to the finish line with crypto tech first.

I was born as a citizen if this world, the risk I see is that the united states is at risk of losing leadership, and that would just be a terrible development. And this is because it has always been a force for good and those priciples I have always respected highly, the rule of law, democracy, the free market and consideration for the individual. And respect.

Christine Legarde

Another huge financial event on the horizon is the looming Brexit crisis which Legarde says will hurt the economy with repercussions for the entire world.

Some in the XRP community privately wish for a global financial downturn, the smart amongst us know the money will flow into gold and now crypto like XRP.

Not only that but if traditional fiat currencies like the Euro, the Pound or the Dollar drop in value dramatically, XRP could well reach 100’s of dollars per coin.

With most of the worlds fiat currencies now looking into digitization with stable coins, what does this all mean for Ripple’s XRP? 

XRP is designed to be the intermediary between all fiat currencies and global cross border payments and it is already doing incredibly well at that job.

Japanese financial services giant SBI Group (Major Ripple Partner) has announced that its CEO Yoshitaka Kitao (Huge fan of XRP)has been appointed as the strategic investment senior advisor of “Blockchain Big Data Industry Investment Specialty Committee” of the China Investment Association. It will be the first time for a private company manager to become a strategic investment senior adviser at the 17 committees that make up the China Investment Association

TokenPost

Ripple and XRP superbull Yoskitaka Kitao confirmed as a board member of the Chinese Investment Association, this, in particular, could be huge for Ripple. 

And finally, we reported last year that American Express, a huge RippleNet user and advocate, had signed a huge deal with the Chinese Lian Lian group.

Plus this blog from 2017 which shows Ripple has been not only in contact with the Chinese government but also setting up shop there too…