China’s government is preparing to implement a digital currency that will allow people to mine heilongs for the country’s economy.
The news comes as China prepares to implement new digital rules for businesses, which include a ban on foreign direct investment in the country.
“It is also the first time that we are implementing a cryptocurrency and the first crypto currency to be developed,” said Huang Guiming, a senior official at the Chinese People’s Bank, adding that the heeong is a “high-quality and safe” coin.
China’s government has introduced several new rules aimed at encouraging digital commerce.
The government is also expected to announce its plans for the next financial year.
In an interview with Reuters, Huang said he believed the new currency could become the most valuable crypto asset out there and was already trading at a price of $US50 ($76).
China has been trying to bring digital payments to the masses since 2015, when it began requiring digital wallet services to store a public key that a person must have to send money to another person.
It is believed that China will introduce a digital payment system in the near future.
A recent study by PricewaterhouseCoopers estimated that the value of the hehong coin is worth around $US20 billion.