We are living in the digital age and every aspect of our lives has shifted to the online platform. This tech-based lifestyle covers the financial domain as well which we call the Fintech age. It is pretty evident, I know. Talking of this, the People’s Bank of China is set to start its own digital currency – the ‘digital yuan’.
This modification has been on the rise for some time now. However, with the onset of the global pandemic, human dependence on tech, especially the internet has surged. With the rise of inclination to FinTech and digital currency, the central banks of many nations have been approaching the Central bank digital currencies (CBDCs).
Consequently, the Construction Bank of China expanded its activities in the domain of cryptocurrency. This also solidifies the fact that China is aspiring to overthrow the US-based companies when it comes to the digital coin.
They have already been eyeing the Libra coin by Facebook. Do you know? In addition to that, they have put in a value of around $50 billion in the FinTech market. And trust me when i say this, the number has been escalating! This proves how much the Chinese government wants to take authority in the crypto world.
The value of Digital Yuan has escalated by around 230% in the month of January 2021. This was after some important investors shifted their major assets to much lower market-cap securities.
To react and respond to the huge attention of global media coverage, Yuan Team LLC had hosted an independent survey. It included over 26000 investors at the international level.
The findings:
Here’s the best part! The Chinese government declared that the company – the Group YuanPay is the only one who can trade in the new currency as of now. So if anyone is interested in buying these new coins, then they have to do it through YuanPay group.
To more about digital currency, click here!
