08-07-2022, 10:31 AM
The Chinese government is considering setting up a digital currency exchange in Beijing. The initiative, if approved, will be the next step in the government’s race to promote the use of the digital yuan while containing cryptocurrencies.
According to a statement from the State Council, Beijing will explore establishing an exchange for digital trading assets as part of a more significant effort to boost financial services in the capital.
The executive has called for accelerated testing of the digital yuan and urged big banks to set up companies to trade on the e-CNY without elaborating on the nature of the planned digital asset exchange.
China has been creating a virtual version of its legal currency since 2014 to cope with an increasingly digitised economy and defend against potential threats from virtual currencies such as Bitcoin. It banned cryptocurrency trading platforms in 2017. In 2021 it has increased control to ban cryptocurrency mining and all related transactions, along with campaigns to promote the digital yuan.
Never invest with AVATRADE
More information in my post INVESTING IN CRYPTOCURRENCIES
According to a statement from the State Council, Beijing will explore establishing an exchange for digital trading assets as part of a more significant effort to boost financial services in the capital.
The executive has called for accelerated testing of the digital yuan and urged big banks to set up companies to trade on the e-CNY without elaborating on the nature of the planned digital asset exchange.
China has been creating a virtual version of its legal currency since 2014 to cope with an increasingly digitised economy and defend against potential threats from virtual currencies such as Bitcoin. It banned cryptocurrency trading platforms in 2017. In 2021 it has increased control to ban cryptocurrency mining and all related transactions, along with campaigns to promote the digital yuan.
Never invest with AVATRADE
More information in my post INVESTING IN CRYPTOCURRENCIES