China prepares ground for digital Renminbi with cash transaction limit

It appears that the People’s Bank of China (PBOC) is gradually setting the stage for the digital Renminbi by piloting a restriction on large amounts of cash transactions across three different regions in the country. China may have been researching digital currency since 2014; however, it has undeniably accelerated its efforts in the recent few months to push for its launch, following a wake-up call from Facebook’s proposed stablecoin project Libra. Which is why, the Chinese President Xi Jinping’s surprising yet unsettling support for blockchain, and its media abruptly raising awareness regarding Bitcoin, a currency that has no legal status