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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.
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.
