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Cryptocurrency vs digital yuan

  • Thread starter Thread starter Shahzaib
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Shahzaib

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The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People's Bank of China, the country's central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.
 
Shahzaib said:
The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the People's Bank of China, the country's central bank. It is not looking to replace digital wallets like Alipay or WeChat Pay. It will likely work together with them and other banks.
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Is this digital Yuan minable? And how can it get to me?

If it's digital money, it should be called a crypto and I believe China's government is going crypto, sooner or later people will find the digital Yuan very convenient and would want all their money in digital form.
 
Cryptocurrencies are decentralized, meaning their economics and supply are not controlled by a single entity. In contrast, the levers for the digital yuan will be firmly controlled by China's government. The second difference between a standard cryptocurrency and the digital yuan is anonymity.
 
The digital yuan you are talking about can never measure up to cryptocurrency because cryptocurrencies are easy to get and they are not being controlled by anyone.
Cryptocurrencies can be used all over the world as it can bypass any country's border and territories. It's ease of using it for payment is something special.
 
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