Five days ago I asked the question, "As the communist party elections are coming to a close in China, will the owners of the exchanges who have been told not to leave the country, be allowed to reopen their businesses?" This question remains unanswered.
In general I was looking to see what developed in China after the elections, and there was some major news today although it was not news of a new national crypto for China.
The big news is that China has announced that they will have a petroyuan, an oil futures contract backed by the yuan. This is an ever increasing effort to reduce the use of US Dollars. What is the relevant for? Well, if trade settlement of crude oil is done in something other than the US dollar, then their should also be reduced purchase of US Treasuries. (Which countries would hold for reserve in the settlement of large trades.) This will then have a significant effect on dollar valuation.
This overall process has been in process for a few years by the BRICS countries. When the day of reduced use of USD across the globe arrives, what effect will it have on crypto?
If China is putting more thought and energy into the PetroYuan, if they do want a national crypto, will they turn to existing resources such as Neo and QTUM? I wonder about this.
Sources of Information:
http://www.zerohedge.com/news/2017-10-24/its-huge-story-china-launching-petroyuan-two-months