The Chinese Royal Mint is Experimenting with Ethereum to Create a Digital Yuan Token

China might be the first country to turn their static money into dynamic digital code as they are experimenting with ethereum to create a Yuan token according to Andrew Keys from ConsenSys, an ethereum development powerhouse.

Keys says the Royal Chinese Mint is “concentrating on the research and exploration [at] the forefront of digital money, taking part widely in innovation and practice in the fields such as digital currency, mobile finance, smart-city construction and Internet based finance; it also actively promotes the application of blockchain technology in finance and related fields.”

Before revealing that the “Royal Chinese Mint is experimenting with the ERC 20 token standard and Ethereum smart contracts to digitize the RMB,” in a public statement that summarizes the ethereum based developments in China as highlighted in a number of meet-ups across the country.

Among them is the revelation that Ant Financial, the giant tech and payments company, is also experimenting with ethereum. Together with WeChat Pay, they handle the vast majority of all payments in China where digital transactions have gone mainstream with

Read more ... source: CryptoCoinsNews

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