Express
China's Digital Yuan Testing Leads To Ban
Summary: In the wake of China's recent testing of a digital yuan in Shenzhen, the Chinese government has now drafted a statement banning all digital yuan-backed cryptocurrencies in the country. According to the statement, the People's Bank of China is now responsible for cutting off all use of digital yuan-backed crypto and for issuing substantial fines ...
In the wake of China's recent testing of a digital yuan in Shenzhen, the Chinese government has now drafted a statement banning all digital yuan-backed cryptocurrencies in the country. According to the statement, the People's Bank of China is now responsible for cutting off all use of digital yuan-backed crypto and for issuing substantial fines for anyone who continues to use it. The ban is said to be a protective mechanism against a hasty digital yuan launch in order to ensure the most effective launch for the currency in the future.
The statement does not change any of the regulations in place for other cryptocurrencies, maintaining the country's 2017 ban on crypto trading.
By Isaac Goluboff
Tags: Cryptocurrency,Digital Yuan,PBoC,Shenzhen
Link: China's Digital Yuan Testing Leads To Ban [Copy]
