In 2019, the Chinese yuan was the 8th most traded currency in the world. It is an official currency of the country issued and backed by the Central Bank (the People’s Bank of China or POBC). While there is nothing wrong with the yuan itself, the local government wanted to follow the world’s trends and provide its citizens with a quick and convenient payment solution. This led to the development of the digital yuan.
This Blockchain-based currency will surely be capable of competing with the leaders of the cryptocurrency world such as Bitcoin. Everyone who does not want to miss amazing investment opportunities should learn more about this crypto coin by keeping reading this article.
Initial information about Digital Yuan
In 2014, PBOC started to research the cryptocurrency market aiming at determining the need for a similar solution in the local market. Eventually, it was concluded that issuing own, fully government-regulated currency could be beneficial for the Chinese economy. The main goals were to create a quick, safe, and convenient payment solution that could compete with major cryptocurrency giants, such as Bitcoin while keeping yuan the main currency in the country.
Unlike other cryptocurrencies, it is fully backed by the Chinese government. This ensures the absence of any risks and the legality of its use.
The Advantages of Digital Yuan
Three are plenty of reasons to purchase digital yuan, including the following:
1. Its price will likely rise quickly
The main purpose of any investment is to gain some profit. When it comes to investing money in cryptocurrency, this means that investors believe that the price for the asset will increase. This happens mainly when the demand for cryptocurrency increases. The chances that the digital yuan will be used massively are high. This means that its price will likely grow rapidly, which makes it a great option for investment.
2. It is backed by the government
Not only does this prevent the illegal use of digital yuan, but also ensures its stable value. High volatility is typical for cryptocurrencies; however, being regulated by the POBC, this digital currency will likely come with fewer swings in the price.
3. Making Payments with no Fees
China is the motherland of a range of the world’s most popular companies. People often place their orders directly on shopping platforms to enjoy better prices. The use of digital yuan allows them to make payments with no additional fees involved. Also, it is a quick and secure solution to make international payments.
How to Purchase Digital Yuan
If you decide to buy digital Yuan, there is a great, simple way to do that. YuanPay Group has been approved by the Chinese authorities to offer trading with digital yuan.
Moreover, it is the only company that allows purchasing this currency. YuanPay Group was founded in 2010. It cooperates with banks and organizations, trying to establish a solid cryptocurrency market in China.
To use its services, users need to undergo a quick registration procedure. Right after that, they will get access to their e-wallets and an opportunity to purchase some digital yuan.
Interesting related article: “What is Digital Currency?”
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