Shaun G. Morgan Discusses the Impact of Sinocoin, the Newest Digital Currency
DUBAI, UAE / ACCESSWIRE / July 25, 2017 / China has begun to consider implementing its own form of digital currency to compete with or even replace the current reigning cryptocurrencies within its borders. Digitally exchanged monetary systems have had a tremendous impact on the People’s Republic’s commerce, despite some initial resistance. The government of the populous nation has been cautiously toying with the idea of their own state-sponsored cryptocurrency for quite some time, however, experts such as Shaun G. Morgan, Managing Director of the Emirates Consolidated Investments and frequent consultant for China-based business interests, say that this Chinese digital tender (under the working English title, “Sinocoin”) may soon become a reality.
Strictly digital currencies have come and gone since the 1990’s, often with mixed to negative results. A major roadblock for sustainability of these alternative payment methods against physical tender has been combining the anonymity with transparency, which has led to several legal scandals, criminal investigations, and ultimately shutdowns of the exchange systems. This was rectified by newer services such as Bitcoin, which was launched in 2009 and hosted a public ledger to record all transactions. Keeping the purchases open allowed for less centralized oversight, while encryption kept personal information safe. The startling success of Bitcoin has caused it to grow exponentially in the years since and led to the creation of many similar products. Shaun G. Morgan has recommended vetted cryptocurrencies as a possible investment option due to the potentially positive returns. Alexandr Nellson, writing for the Medium, also posits that Bitcoin is very likely to continue growing based on previous trends, and investors would see a positive increase down the road from purchases made now.
The benefits of Bitcoin and other cryptocurrencies have also convinced other national governments to begin looking into forming their own digital alternatives. However, China has experienced some of the largest growth in digitally exchanged currencies in the world, with a highly active and robust crypto-economy. This has worried China’s central bank in the past and some officials have claimed that services like Bitcoin, Litecoin, and others lead to the diminishment of the Chinese yuan. The People’s Bank of China (PBoC) initially forbid cryptocurrency trading, and even after exchanges were finally allowed, they were scrutinized heavily. However, there are signs that the PBoC is changing its position. The Chief China Strategist of the Bank of Communications, Hao Hong, told the South China Morning Post that the government’s attitude towards cryptocurrencies is “shifting.” Bloomberg News has pointed out that Chinese citizens rely heavily on online transactions for their purchases, and that trend does not look likely to slow down. After a freeze of Bitcoin by China this past June, Business Insider reported that once withdrawals were resumed, the currency reached a peak value of approximately 2400 dollars a coin. All of the evidence indicates that digital currency will remain a driving force in the Chinese economy for some time and that launching Sinocoin might, in fact, become a necessity for the PBoC.
Shaun G. Morgan is a Managing Director for Emirates Consolidated Investments, CEO of SG Morgan Investment Bank, a Chairman of Greater China Acquisition Corp., and a key shareholder in several other institutions. He has been involved in enterprises all across the globe, including Switzerland, the United Arab Emirates, the United States, the United Kingdom, China, and many others. Morgan has been an advisor and consultant for almost 20 years, with a focus on investment banking and cross-border credit lending. He also participates in philanthropic activities, including donating 500 tablets to the Fujairah Welfare Association.
Shaun G. Morgan – Managing Director of Emirates Consolidated Investments: http://shaungmorgannews.com
SG Morgan Investment Bank – Facebook: https://www.facebook.com/SG-Morgan-Investment-Bank-1791608931082759/
SG Morgan Financial Services LLC: http://sgmorgan.com
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SOURCE: Shaun G. Morgan
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