The People’s Bank of China said that China’s cryptocurrency, the digital yuan, will not need a currency basket to keep its value, according to a Monday (Dec. 23) report by Coindesk.
Changchun Mu, head of the PBOC digital currency research subsidiary, shared the news at the China Finance Association Academic Annual Meeting, and China Finance Forum Annual Meeting in Beijing.
“The [digital yuan] currency is not used for speculation. The RMB is used to spend, not for speculation. It does not have the characteristics of bitcoin speculation, nor does it require the currency basket assets to support the value of the currency like stable currency,” Mu said.
It isn’t known if there is another way to put a value on the currency without using the traditional renminbi.
In other crypto news, Blockchain platform Nuls was the victim of a hack that saw almost $480,000 worth of NULS tokens stolen during a hack, according to a report by Cointelegraph.
Nuls made the decision to hard fork the blockchain at a block height of 87,800.
“After the hard fork, the remaining 1451645.65303905 NULS that has not entered the trading market will be destroyed in a permanent freeze to prevent continued flow into the market,” the company said in a security update tweeted on Dec. 22.
The move is meant to stop any community members from experiencing any losses. The hard fork means that all node owners have to upgrade.
There was a vulnerability in the Nuls 2.2 version which was exploited by the hackers. That vulnerability has been fixed, the company said. The company said that all relevant cryptocurrency exchanges have been contacted.
The tokens that were stolen only represent 2 percent of the circulating supply of 73 million. The company only lost about 1 percent on the day of trading after the hack was revealed, which means that it didn’t seem to affect the company’s value that much at all.