Reply to post: Re: "And then there’s the Digital Yuan"

China all but bans cryptocurrencies

martinusher Silver badge

Re: "And then there’s the Digital Yuan"

>So, in essence, China is banning competition to its own funny money.

The digital yuan isn't 'funny money', its 1:1 convertible to physical yuan, its issued like any other currency by the country's central bank. Since most everyday transactions in China are now done electronically through one of the large finance systems it makes sense for the central bank to get in on the act, especially as they can then use this transaction mechanism to bypass SWIFT (and so the US's stranglehold on international trade).

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