I would like to begin by recalling a recent article where I have already paid attention to the fact that China wants to destroy Bitcoin and promote Digital Yuan.
I have already indicated in this article that China's policy is easily recognizable and that it is in the country's interest to promote the digital yuan as much as possible, even at the cost of banning the use of all other cryptocurrencies.
Managing director of FX Strategy for BK Asset Management, Boris Schlossberg described this situation as follows "The digital yuan is both programmable and trackable giving the Chinese government enormous control over the economy."
This scenario was confirmed today by other announcements, on the one hand, a statement from one of the largest banks in China, AgBank, that it will not conduct any trading activities related to virtual currency and prohibits crypto trading. Agricultural Bank of China points out that if it finds that customers are trading in cryptocurrencies, it will suspend transactions as well as the account itself.
On the other hand, we have the celebratory announcement that there are already more than 3,000 ATMs in Beijing, the capital of China, supporting the selection of digital yuan. Two of the largest state-owned banks in China, which now support two-way exchange between Fiat and Digital Yuan within ATMs, include the aforementioned AgBank and the Commercial Bank of China.
Today's news from China thus confirmed what we thought and where the country is heading, how it is digitizing the financial sector and how it is restricting investors' access to other crypto markets.