Are China and EU Warming Up to Digital Currencies?

Digital currencies have always been under scrutiny, ever since they were first introduced, and with good reason. The Blockchain technology behind the currencies and the general working model of these cryptocurrencies is a bit of a hard concept to come to terms with. It is no surprise that many countries and financial influencers were initially against the whole idea of digital money. 

China and the European Union were quite vocal in raising their concerns against the new technology. In 2017, China declared war on digital currencies. The government banned fundraising through ICO offerings which ultimately led to the shutdown of the largest crypto exchanges in the country. The EU, on the other hand, voted to have Bitcoin and other cryptos banned. 

However, it seems that the world is now generally moving towards the adoption of digital currency use. A few weeks ago, reports emerged that both China and the EU were looking to come up with their digital currencies. Could these two powerhouse regions be warming up to cryptocurrencies? And if so, what effect will it have in the cryptosphere? 

Ready To Spend Your Bitcoin, Ethereum, Ripple, Litecoin, and Other Cryptocurrencies?
Within minutes you can register for a Unbanked account, add funds, pass KYC, get a virtual card and make purchases anywhere major credit cards are accepted. Register at no cost to you.
  Register Now
The People’s Bank of China Plans to Introduce Its Digital Currency

The 2017 ban on ICO offerings crippled the crypto exchange market in China. It, therefore, comes as a surprise that the People’s Bank of China, PBC, wants to introduce a digital coin. On 5th August, Global Times published an article claiming that PBC had applied for 74 patents involved with digital currencies to speed up the development of a legal digital currency. 

According to Huang Zhen, a professor at the Central University of Finance and Economics, China is increasing its efforts to innovate a digital currency which is a worldwide trend driven by emerging technologies.

China already adopted digital payment technologies, and crypto experts hope that the digital currency by PBC will further China’s ability to build financial solutions. They add that it is an improvement to see the adoption of digital currencies in China, although it comes with a limiting factor. 

The proposed approach will be run by the government and cannot, therefore, be considered decentralized. 

EU May Launch Its Version of Bitcoin

Earlier this year, Facebook announced its plans to launch Libra, a stable digital currency. This announcement was met with broad hostility from the EU. The French Minister for economy and finance blocked Libra’s development in the country while politicians in the UK coined it an attempt to make Facebook its own country. 

Now, it seems that the EU wants to launch its version of Bitcoin. Following the hostile response to Libra, an EU draft document has emerged, urging the European Central Bank to launch its digital currency. The draft further encourages the EU to adopt a common approach to cryptocurrencies, which may include banning risky projects. 

The Finnish EU presidency prepared the document. EU finance ministers are expected to discuss the draft in the coming week, which could lead to adoption early next month. 

Although the bloc has raised concerns over digital currencies, there aren’t any concrete regulatory measures against cryptos. This could, therefore, be the first step in statutory laws concerning cryptos in the EU. 


We cannot deny that cryptocurrencies are the next big thing. This technology is bound to be revolutionary, and it is about time that governments across the world accept the change. With blockchain innovations such as Blockard, you can easily store and send your cryptos, making it easier for the adoption of a global crypto payment system. The adoption of digital currencies by China and the EU could go a long way in the mass adoption of cryptocurrencies. 

Buy Bitcoin With Your Unbanked Bank Account
Buy Bitcoin and other cryptocurrencies with your crypto friendly bank account from Unbanked. Purchase Bitcoin and other crypto instantly and settle to your crypto wallet.
  Register Now


The Latest

Unbanked launches cryptocurrency card program in the UK and other European countries

Unbanked Card Program Available in the UK and Other European Countries

Today we’re announcing some big news – The Unbanked Card program has reached Europe. Residents of the United Kingdom and other European countries can register their interest for a user account, deposit their cryptocurrency and, subject to approval, get a card for spending their digital assets. Unbanked card holders can use 15 different cryptocurrencies to… Read Article

What is Dash Crypto

What is Dash Crypto? Dash Coin Highlight

Bear markets are the best time to invest in stocks and cryptocurrencies. If you have money to invest, you can pick up top-tier cryptocurrencies for bargain prices during a bear market. A digital currency hot on many investors’ radar is Dash, a DeFi cryptocurrency with massive potential. We’ll highlight what Dash is, how it works, and whether it’s… Read Article

How to Value Cryptocurrency

How to Value Cryptocurrency to Know What to Buy

When investing in cryptocurrencies, investors need to vet the projects before they invest. Because the cryptocurrency market is largely unregulated, it is often compared to the Wild West, where you can strike gold and be robbed blind. In 2021, investors lost $2.6 billion in pump-and-dump coins or other junk tokens. To avoid scams, rug pulls, and weaker projects,… Read Article

Why is Cryptocurrency Valuable

Why is Cryptocurrency Valuable? A New Investor Guide

It’s hard to look at any financial website and not see some mention of cryptocurrency. However, with all the hype around cryptocurrency, it’s tough to filter through what’s true and what’s not. One common question is, what are the factors that make cryptocurrency valuable? We put together this investment guide for new investors to explain… Read Article


Crypto Rewards
on Spend

You also have access to:



Nah, I enjoy high fees...