Cryptocurrency in China

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A  Cryptocurrency  is  a  digital  asset   designed  to  work  as  a   medium  of  exchange   that  uses  cryptography   to  secure  transactions   to  control  the  creation  of  additional  units,   and  to  unify  the  transfer  of  assets.

China´s  Central  Bank   has  developed  a  prototype  of  cryptocurrency   that  could  end  up  in  circulation   in  the  near  future.   It  would  be  introduced  alongside  China´s  primary  currency  to  renminbi  (also  called  the  yuan).

The  potential  benefits  of  developing   a  digital  currency  are  significant,  particularly  in  China.  First,  it  would  decrease   the  cost  of  transactions,  and  there  make  financial   services  more  accessible,  which  would  be  a  big  help   to  the  millions  of  people   in  the  country  who  are   connected  to  conventional  banks.

Second,  as  it  would  be   supported  by    blockchain ,  it  has  the  potential  to  decrease   the  rates  of  fraud  and counterfeiting,  which  would  be  of  service  to  the  government´s  attempts   to  reduce  corruption.  Third,  it  would  make the  currency  to  obtain,  which  would   increase  the  rate   of  international  transactions,  allowing   for  more  trades   and   faster  economic  growth.

Although  China’s  experimental   approach  to  simulate   a  self- developed  cryptocurrency   usage  is   the  first  of  its  kind,  other  countries  and  institutions  have  made   strides  in  those  directions  as  well.

Source

Vocabulary:

  • Asset:  Valuable belonging to a person or organization that can be used for the payment of debts.
  • Cryptography: The practice of creating and understanding codes that keep information secret.
  • Cryptocurrency: A digital currency produced by a public network, rather than any government, that uses cryptography to make sure payments are sent and received safely.
  • Counterfeiting: The Activity of making illegal copies of things such as bank notes.
  • Stride: An important positive development.

Recommendations:

Look for the Advantages and Disadvantages of using Cryptocurrency.

Questionnaire:

  • Have  you  used  cryptocurrency?

Session 5

Welcome to this activity created by Team Leader in Charge Mr. Juan Guadalupe Vaca Pérezfrom Satelite Branch. Take note of all the pink words, read the text, watch the video and answer the question in the comment section below.

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