China's central bank has completed a blockchain-based system that digitizes checks in a move to counter fraud in the country.
Giving up full decentralization could solve many of blockchain's existing problems, says Yao Qian, research director at China's central bank.
The People's Bank of China says cryptocurrencies will be a top priority for the agency this year, in an effort to protect the national currency.
China is still in the process of developing a state digital currency, the chief of a government-funded blockchain research center has said.
PBoC chairman Zhou Xiaochuan said the central bank will one day have a digital currency, though several requirements must be met first.
Star Xu, the founder of Chinese crypto exchange OKCoin, is sparking controversy with remarks his firm may be open to working with the government.
PBoC's governor Zhou Xiaochuan takes aim at cryptocurrency speculation in a press conference on Friday.
Yao Qian, digital currency research director at PBoC thinks a central bank digital currency should incorporate some features of cryptocurrency.
Months after China's government shut down domestic order book exchanges, the platforms that originally offered them are finding new ways to thrive.
China's central bank is considering its own digital currency, but it may not be built with blockchain technology, according a senior official.