JAKARTA - China plans to impose digital Yuan to stem crypto money. China's central bank revealed that the government's interest in shifting to digital yuan may be affected by the skyrocketing price of bitcoin in recent months.
They also claim a public interest in crypto money will increase even though the government prohibits the use of cryptocurrency in the future. Digital Yuan will also gain its position in the eyes of the public.
Launching CNBC International, the digital Yuan is intended to replace the existence of physical money used by Chinese people.
The Chinese government intends to develop a payment mechanism with digital money. Since 2014, China's central bank has designed its digital Yuan. PBOC Research Bureau Director Wang Xin said that people's interest in digital Yuan was very high.
"On the one hand, this is related to more and more central banks in the world participating in the development of domestic digital currencies", said Wang.
This is because various central banks in the world have begun to develop their own digital money issuance, as has been done by Japan, Switzerland, Sweden, and the UK. In this digital money issuance, China is in the top position.
"On the other hand, this may also be related to the increase in bitcoin prices", said Wang.
In recent months, the price of bitcoin has hit record highs several times. In 2021, the number of bitcoins will also increase sharply. However, the digital Yuan cannot be equated with the prima donna of cryptocurrency, bitcoin.
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