As their next step in combating crypto, Chinese officials have started pushing for Virtual Yuan by talks of setting up a digital asset bourse in Bejing. With the Virtual Yuan approaching, the efforts to support banking services in the region have been starting to take form.
While we still do not know when to expect both the exchange and the imminent arrival of Chinese own digital currency, the country’s counsel began pushing for the currency’s adoption by prompting banks to set up e-CNY platforms.
China has been on the road towards the Digital Yuan since 2014, trying to catch up with the ever so increasing digitalization of society and economy. On the other hand, the country’s ongoing fight against Bitcoin and other cryptocurrencies has reached its peak over the past year, with government officials banning crypto mining.
All these recent events go hand in hand, as China is trying to establish its digital sovereignty. The country has already rolled out a test version of the Digital Yuan in several regions and had their banks testing the e-CNY. Despite all of China’s efforts, however, the public’s reception has not been very welcoming.
There are speculations that the potential country-wide rollout of the currency could be planned for the upcoming Winter Olympic Games that China will be hosting this next February.