Big News Steve. Fiat tokens soon to be own the blockchain. Governments may start issuing their own fiat backed tokens on public chains.
The Chinese Royal Mint is Experimenting with Ethereum to Create a Digital Yuan Token:
The Royal Chinese Mint is experimenting with the ERC 20 token standard and Ethereum smart contracts in order to create a blockchain-based Yuan token. The announcement was made through a public statement that summarizes the ethereum based developments in China as highlighted in a number of meet-ups across the country.Andrew Keys from ConsenSys said:
"[The Royal Chinese Mint is] concentrating on the research and exploration [at] the forefront of digital money, taking part widely in innovation and practice in the fields such as digital currency, mobile finance, smart-city construction and Internet-based finance; it also actively promotes the application of blockchain technology in finance and related fields.”