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)

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent

November 21, 2019 15:30 JST

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.