sincerem
VIP Contributor
China's Digital Yuan is gaining the popularity since its recent announcement, which led to the sanctioning of BTC mining activities and other Cryptocurrencies in general. They believe Cryptocurrency is damaging to their Fiat currency, being the 'Yuan. Cos of its anonymity, that isn't secured and regulated by the government.
That has led them to creating the Central Bank Digital Currency (CBDC), in form of the Yuan in the digital ecosystem, in a centralized way. Since they believed using crypto constantly will damage the value of their Fiat currency, cos their citizens prefer exchanging the Fiat currency for BTC and other volatile coins, to operate anonymously. The fact that, they can't control the decentralized coins makes them think its vulnerable indeed.
They've started promoting 'Digital Yuan massively, even sending out gifts to new users to download CBDC wallet, and start accumulating more of the digital coin. They just want the coin to go round the country, then spread their arms all over the world.
Do you see Chinese Digital Yuan as BTC killer in the future? by seeing other countries following the steps taken by China.
That has led them to creating the Central Bank Digital Currency (CBDC), in form of the Yuan in the digital ecosystem, in a centralized way. Since they believed using crypto constantly will damage the value of their Fiat currency, cos their citizens prefer exchanging the Fiat currency for BTC and other volatile coins, to operate anonymously. The fact that, they can't control the decentralized coins makes them think its vulnerable indeed.
They've started promoting 'Digital Yuan massively, even sending out gifts to new users to download CBDC wallet, and start accumulating more of the digital coin. They just want the coin to go round the country, then spread their arms all over the world.
Do you see Chinese Digital Yuan as BTC killer in the future? by seeing other countries following the steps taken by China.