China Takes New Tests and Intends to Launch Its Own Digital Currency

China Conducts New Tests and Intends to Launch Its Own Digital Currency

Country intends to adopt its own digital currency

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China has just carried out new tests regarding the creation of its Digital Currency, which is the Yuan, what do we know about this new cryptocurrency? Digital currencies still generate a lot of mistrust in the world, but it seems they are becoming increasingly popular on the planet.

China, for example, is demonstrating that it will invest heavily in this market and create its own Central Bank Digital Currency. China's most recent test of this cryptocurrency was carried out in the city of Suzhou, which is near Shanghai.

And it was no small test, as around 180,000 people were paid approximately US$ 8.50 in cryptocurrency to spend it. Well, people could buy things from participating stores that participated in a festival that took place in the first week of this month of May.

Adding the tests already carried out with this one in May, about 500 thousand people have already participated in this experience there in China. At first, all tests had positive results and the country should start implementing the currency in a staggered way within 12 months.

China set to become the first country operating its own Digital Currency

china cryptocurrency
Photo: Reproduction/Digital Yuan

So far, no country other than China has come forward and shown a strong interest in creating its own digital currency. And yet, this ends up revealing to us that this will be the first country in the world operating with its own Central Bank Cryptocurrency.

The other factor that will perhaps contribute positively to this creation is that China has a certain strict control over its population. And yet we can imagine that the Digital Yuan will become a Digital Currency that will actually be used in China.

But this could be an external problem for the country, as most transactions that require exchange use the dollar as an intermediary. However, if Cryptocurrency gains strength, the dollar could lose its current monetary sovereignty, which would be a problem for the United States.

Have Other Countries Started Creating Their Own Virtual Currencies?

I would guess that most countries in the world will most likely want to start creating their own digital currency. Unlike China, most countries in the world don't have strong monitoring of their population, and that's a good thing.

However, speculation around the world is that the way the Chinese government treats its people is not very pleasant.

We can't help but talk about a big problem that should arise, the population's adherence to digital currency. Practically everyone is used to going to a fair with money in hand, it would take some work to convince the population to use Cryptocurrencies.

Anyway, we will wait with the passage of time for new information about the Digital Yuan and how it is doing there in China, will it be a success?

Author

Ruan Jesus

My name is Ruan Henrique and I am a writer for News Geek among other sites belonging to Grupo SED. I also have a certain skill in organic growth of profiles on instagram.

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