China makes 10 million people eligible to take part in expanding the digital yuan trial as China looks to become a global leader in virtual currency.
- Fan Yifei, deputy governor of the Central Bank of China announced there are 10 million users of white lists that allow people to use the digital yuan.
- China has expanded its push for digital yuan this year, launching more trials in major cities including Beijing, Shanghai, Shenzhen, and Chengdu.
- People’s Bank of China has also stepped up its crackdown on cryptocurrency, with the recent closure of a Beijing-based company for offering cryptocurrency-related services.
- Fan stated cryptocurrencies offered by private entities have become speculative devices that expose financial security and social stability. They are also becoming means for illegal transactions and money laundering.
While, the global stable coins increases challenges to international currency, settlement, and settlement systems. The worries surrounding cryptocurrencies prompted Chinese authorities to take action.
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Source: Bloomberg.
