After previously outlawing ICOs in September 2017 in a government crackdown, China began exploring its own cryptocurrency
initiatives, including a state - backed cryptocurrency currently being examined
by the PBoC's
Digital Currency Research Institute.
In the finance industry, not a day goes
by without an established player, like a bank or a fintech start - up, announcing some new
initiative or product to tap into the growing appetite from investors for
digital currencies powered
by blockchain such as Bitcoin, Ethereum and Ripple (the top three, according to CoinMarketCap).