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How the digital yuan stablecoin impacts crypto in China: Experts answer

How the digital yuan stablecoin impacts crypto in China: Experts answer



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  1. tldr; The People’s Bank of China (PBoC) is reportedly planning to launch its own central bank digital currency. The PBoC has been working on the digital yuan project since 2014. The central bank filed more than 63 patent applications related to blockchain and crypto during its first year of existence alone.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. China seems to really be making strides in this!

    >This year alone, China started [testing infrastructure for the digital yuan](https://cointelegraph.com/news/china-turns-up-pace-on-cbdc-release-tests-infrastructure-prior-to-adoption) prior to its official launch and the Chinese city of Shenzhen provided a chance for its citizens [to participate in a lottery event](https://cointelegraph.com/news/chinese-cities-continue-to-promote-digital-yuan-through-festive-lotteries) that aimed to encourage the adoption of the country’s new central bank digital currency. Also this year, China completed the development of hardware wallets for the digital yuan project; the first one was produced by the Xiong’an branch of the [Agricultural Bank of China in Hebei](https://cointelegraph.com/news/hardware-wallet-for-digital-yuan-debuts-in-xiong-an-new-area) and the second by the [Postal Savings Bank of China](https://cointelegraph.com/news/chinese-bank-tests-biometric-hardware-wallet-for-digital-yuan-payments). And earlier in March, the Bank of Communications and China Construction Bank [conducted digital yuan trials at two major department stores](https://cointelegraph.com/news/chinese-banks-pilot-digital-yuan-at-shanghai-department-stores) in Shanghai.

  3. I asked this before on a different post but never got an answer.

    If China makes a digital yuan, would it be freely exchanged across the exchanges? Tied to the paper yuan? Since China manipulates the yuan in relation to other currencies, how would this affect the price to other currencies? Would the true value of the yuan become clear?

    Asking because I don’t know what will happen.

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