China, which is recognised as one of the best economies of the world has announced the launch of its own digital currency for its people.
This new digital currency invented the “digital yuan,” which will be completely regulated by the country’s central bank, according to the Wall Street Journal. It does, however, have significant differences between Bitcoins and other cryptocurrencies. It will miss the anonymity and non-traceability of Bitcoins.
Instead, it would provide the country with a clear picture of the economy. China’s digital currency has been in development since 2014, when bitcoin began to gain prominence in the country, according to a study by TOI.
China isn’t the only country working on a digital currency; central banks all over the world are creating their own versions. However, China is the first major economy to demonstrate a working digital currency that is already in use in many parts of the world, giving it a significant head start.