GUANGZHOU, China – On Thursday, China’s Central Bank said, Bitcoin price flow is driving interest in China’s sublime digital currency Yuan. Bitcoin is showing interest even though cryptocurrency is extensively banned in the world’s second top-most economy. Yuan, China’s digital money is the biggest instance of central bank digital currency (CBDC) that targets to substitute an amount of cash in circulation.
The People’s Bank of China (PBOC) takes it one of the best ways to promote cashless payments. It is functionally a virtual edition of flat currency. Since 2014, the central bank has been involved in a virtual currency. Wang Xin, the research bureau director of PBOC remarked digital yuan market interest is “very strong and everyone is paying close attention.”
All over the world, a wide number of central banks including the U.K., Japan, Switzerland, and Sweden are exploring digital currency and issuing their digital money. This exploration of digital currency is mostly involved to central banks of the world which are participating in the domestic digital currency development process. On the other hand, it is also indirectly related to the large progress of the bitcoin. In several previous months, bitcoin has continuously created new highs at their prices. This year it has turned double in respect to the previous year. However, Yuan; China’s digital currency is not similar to bitcoin.
It can be called decentralized cryptocurrency so-called, as it is not undertaken by any central authority or central bank. Blockchain technology runs bitcoin but till now it seems unclear on what platform digital yuan will follow.