This is the digital Yuan, the Chinese cryptocurrency

Yuan digital cryptocurrency

Although cryptocurrencies were born in 2009, there are still some countries where they are strictly regulated, as is the case in China, where the government restricts the free use of the Internet and that also makes it more difficult to operate with cryptocurrencies.

It is not that cryptocurrencies are illegal in China, only that they are subject to more specific regulation. For example, Initial Coin Offerings (ICOs) were banned five years ago now. Citizens of the country can hold cryptocurrencies, but the Chinese banking system does not accept any of these coins as a tool for retail payments. In other words, cryptocurrencies cannot be exchanged without official authorization.

But fortunately this has been changing over the years and the Central Bank of China started to create its own digital asset, also known as “Central Bank Digital Currency”, “CBDC” or Digital Yuan. As it is issued by a government’s central bank, legal transactions can be made with it in compliance with the law.

The potential of Chinese cryptocurrency is enormous. However, being a centralized currency – not like the rest of the cryptocurrencies, which are decentralized – it may be more difficult for the average user to find it and be able to trade with it. To solve this there is a platform called Yuan Pay Group, which is a digital exchange platform that allows users to trade and invest in digital currencies, especially the digital Yuan.

The growth of the digital Yuan is very broad, given that China’s main goal is to completely convert its economy to a digital one. That will make investors interested in it in the coming months, which means that it can be an interesting option going forward. In fact, the government has already handed out more than $1.5 million worth of digital Yuan to users to test-drive the cryptocurrency by downloading an app on their smartphone, and spend it in thousands of stores in the Shenzhen district. That was a pilot test, and cryptocurrencies were not accessible to all users, but now they are.

And is that with a platform like Yuan Pay Group the user can perform any type of cryptographic transactions, even with the new centralized digital Chinese currency, both from the computer and from a cell phone. On this website, adapted for all types of screens and devices, you will learn how it differs from other digital assets and how you can operate with it easily, as if it were any other cryptocurrency.

The user can sell his local currency in exchange for a few digital Yuan. In the same way, he can easily sell in it the digital Yuan he owns and exchange them for any other currency. And this can be done not only by a Chinese citizen, but also by anyone from anywhere in the world could try this cryptocurrency if they wish. It is advisable, however, as it is a very new asset, to invest with caution.

If you want to try it, the Yuan Pay Group platform offers you all the necessary tools to start your journey with the new Chinese digital currency, so be sure to take a look, whether you are an advanced investor or just starting out in the world of cryptocurrencies!

Click to rate this entry!
(Votes: 0 Average: 0)
Share!

Leave a Comment