China, which is considered one of the world’s most powerful civilizations, has made an announcement of its own virtual money for its citizens.
This unique digital money, dubbed the “digital yuan,” will be entirely owned by the nation’s central bank, according to the Wall Street Journal. It does, however, have significant distinctions from Bitcoins and other currencies. It will lack the secrecy and non-traceability of Bitcoins.
Instead, it will provide the nation with a clear picture of the industry. China’s digital currency has been in production since 2014, when bitcoin began to gain popularity these days, including a statement by TOI.