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Author: Admin | 2025-04-27
BEIJING, CHINA - OCTOBER 23: Chinese President Xi Jinping speaks at the podium during the meeting ... [+] between members of the standing committee of the Political Bureau of the 20th CPC Central Committee and Chinese and foreign journalists at The Great Hall of People on October 23, 2022 in Beijing, China. China's ruling Communist Party today revealed the new Politburo Standing Committee after its 20th congress. (Photo by Lintao Zhang/Getty Images)Getty ImagesOne of the most expansive research areas in writing a book about China and Bitcoin was the Digital Yuan. This latest guide summarizes what's been going on with the Digital Yuan/e-CNY project as we enter 2024.What is the e-CNY/Digital Yuan?The digital Yuan is China's version of a central bank digital currency, which means the central bank gets directly involved in issuing individual accounts to individuals. The Digital Yuan is the version of a retail CBDC that goes directly to people (as opposed to a wholesale one meant to interact with banks or other central banks). It's intended to replace cash - as such, it doesn't bear any interest and is pegged 1:1 with China's domestic currency, the Yuan.Specific merchants accept the e-CNY, and it is implemented in public transit systems in major cities like Beijing. During the Winter Olympics, it was one of three forms of payment accepted.Can I buy Digital Yuan?No, unless you are in one of the 29 pilot areas in China. If you're abroad and don't have access to the Chinese app store, then you can't get access to it. More comprehensive guides have details on the 29 areas in China where you can get Digital Yuan.Attempts to buy Digital Yuan on an iPhone will lead you to be denied if your phone location (note, not your IP, which can be modified) isn't currently in one of the areas. However, if you are in one of the pilot areas, there is now a guide for foreigners to onboard onto it if they wish. Alipay and WeChat Pay have also released the ability for you to register for their systems with international credit cards. This seems to be in line with a broader effort in China to attract international visitors, including offering visa-free access for certain countries in 2024.Is the Digital Yuan an alternative to Bitcoin?The Digital Yuan comes from a state that has tried its best to ban Bitcoin. You can read the Digital Yuan
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