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Beijing embraces cryptocurrency, but only its own

Expected 2020 launch to protect financial sovereignty, unlike 'fraud' bitcoin

Beijing is forging ahead with plans to develop a digital currency in a bid to secure financial sovereignty and enhance the global role of the yuan. (Nikkei montage/source photo by Reuters)

HONG KONG -- Late last month, Xi Jinping became the darling of cryptocurrency enthusiasts around the world -- if only briefly.

A speech by China's supreme leader extolling the importance of blockchain saw the price of Bitcoin leap by more than a third in a few hours -- one of its biggest speculative moves ever.

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