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A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Beijing's attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. That's bad news for speculators still holding onto bullish yuan positions. And for the People's Bank of China (PBOC), the risk is it has unleashed bearish forces it may not be able to rein in, souring enthusiasm for the yuan and complicating the push to increase the international adoption of the currency. To match Analysis CHINA-YUAN/ Picture taken April 3, 2014.

Central banks are considering the launch of official cryptocurrencies like bitcoin

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More than 40% of central banks are planning to use blockchain technology within a decade, including potentially issuing cryptocurrencies like bitcoin, according to a new survey.

Published   |  Photo by Reuters/Petar Kujundzic
A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Beijing's attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. That's bad news for speculators still holding onto bullish yuan positions. And for the People's Bank of China (PBOC), the risk is it has unleashed bearish forces it may not be able to rein in, souring enthusiasm for the yuan and complicating the push to increase the international adoption of the currency. To match Analysis CHINA-YUAN/ Picture taken April 3, 2014.
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One in five central banks surveyed are planning to use blockchain tech over the next two years.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Beijing's attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. That's bad news for speculators still holding onto bullish yuan positions. And for the People's Bank of China (PBOC), the risk is it has unleashed bearish forces it may not be able to rein in, souring enthusiasm for the yuan and complicating the push to increase the international adoption of the currency. To match Analysis CHINA-YUAN/ Picture taken April 3, 2014.
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The Chinese and Dutch central banks have already ran prototypes of digital currencies. The Canadian and Russian central banks have tested blockchain-based systems.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Beijing's attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. That's bad news for speculators still holding onto bullish yuan positions. And for the People's Bank of China (PBOC), the risk is it has unleashed bearish forces it may not be able to rein in, souring enthusiasm for the yuan and complicating the push to increase the international adoption of the currency. To match Analysis CHINA-YUAN/ Picture taken April 3, 2014.
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More recently, Uruguay announced that it would start asking users to test a digital currency to make money transfers.

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. Beijing's attack on yuan speculators has proven extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. That's bad news for speculators still holding onto bullish yuan positions. And for the People's Bank of China (PBOC), the risk is it has unleashed bearish forces it may not be able to rein in, souring enthusiasm for the yuan and complicating the push to increase the international adoption of the currency. To match Analysis CHINA-YUAN/ Picture taken April 3, 2014.
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But central banks are also looking at blockchain for other uses, including to manage ownership records and identity information.

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