The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. Digital Yuan Trader. American stockbroker Peter Schiff believes that such a development would be bad news for the world’s number one cryptocurrency, Bitcoin.
Bitcoin price has not returned to higher levels, although, on the other hand, attempts by bulls to pile on the selling pressure after yesterday’s disastrous outing for crude oil also failed, which brings attention to the underlying strength of crypto markets preventing more losses.Whatever the price today, blockchain technology itself continues to enjoy hugely bullish overtones in China, where the central bank has just confirmed last week’s rumors that a new mobile app that will be using a form of digital yuan is undergoing tests in four selected cities.Screenshots had emerged last week on social media, as BitcoinNews.com “The rumored information about the DECP [national digital currency] on the internet is part of the test in our research and development process and it does not mean the digital yuan has been launched officially.”These internal tests are within closed circuits and will not have any effect on the commercial activities of the firms involved, nor will they affect national financial markets or fiat currency circulation outside the test environment.
Bitcoin has gone from 0.002$ to 10,000$ and Digital Yuan is expected to go even higher. China’s central bank is reportedly making strides towards launching a digital currency (not a cryptocurrency) tied to the yuan.
A strong believer in freedom, Saloma advocates for the censorship-free ideologies of Bitcoin, and loves spending it and giving it away.
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Already available for local commerce, it is expected to give global companies access this week.Get the best viral stories straight into your inbox! How will China’s digital yuan, which is currently under development, compare to bitcoin and stablecoins? Covering geo-political news and current affairs across Asia How will China’s digital yuan, which is currently under development, compare to bitcoin and stablecoins?According to the People’s Bank of China’s (PBoC) deputy director Mu Changchun, head of the institution’s digital currency research institute, it will provide no scope for speculating on its value and it will not have the backing of a basket of currencies.Mu told the South China Morning Post, “The currency is not for speculation. Bitcoin unchanged much from yesterday’s slide but deeper losses prevented; China has confirmed digital yuan trials in four cities, as blockchain is confirmed as part of its future data and tech infrastructure Under the watchful eye of the PBoC, four major banks and major economic participants such as China Telecom will reportedly test digital currency payments.
Once approved by the State Council, large state-owned commercial banks and other institutions began work on a system for it three years later, but as recently as August last year, the central bank denied any plans for a CBDC.Whatever the outcome of digital yuan, the underlying blockchain technology will certainly be in the country’s future infrastructure for data and technology, or so claims the National Development and Reform Commission (NDRC) today.
The digital yuan will reportedly not be featured in similar speculation environments (though it could conceivably be traded within the forex market, just as the yuan can be traded today).
It plans to conduct the first real-world test of its central bank digital currency before the end of 2019. ... Bitcoin Just Suddenly Surged Toward $12,000 But Now Might Not Be The Time To Buy—Here’s Why; Learn more about how we use cookies in It is the only crypto she has ever owned and the only reason she connects to the Internet.
DigitalYuanTrader is an auto-trader built on Digital Yuan and Yuan-backed securities. According to the People’s Bank of China’s (PBoC) deputy director Mu Changchun, head of the institution’s digital currency research institute, it will provide no scope for speculating on its value and it will not have the backing of a basket of currencies. Saloma was a self-taught artist and stringer for a local town newspaper for over 10 years before consulting for a think tank for 5 years. {{#message}}{{{message}}}{{/message}}{{^message}}It appears your submission was successful.