Launching Support for Digital Currency Research in China's Shenzhen Special Economic Zone

The Chinese government has announced its plan to support the study of "digital currencies" in the Shenzhen special economic district, according to the Chinese-British media. It is expected to become a research center for innovation that precedes important national projects.

According to the report, the Central Committee of the Communist Party of China and the State Council support the construction of a pilot zone for Chinese-style socialism in Shenzhen. The research of innovative applications such as digital currency and mobile payments in Shenzhen city is also an item of support," it states.

The announcement comes as China's central bank recently announced that it is ready to issue digital currency after five years of development--a series of moves that seems to spur the introduction of digital currency and blockchain technology under tight government control. Even now, China still bans the trading of virtual currencies such as Bitcoin.

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