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China Bans Foreign Cryptocurrencies and Backs Its National Digital Yuan

UTC by Andy Watson · 2 min read
China Bans Foreign Cryptocurrencies and Backs Its National Digital Yuan
Photo: Depositphotos

Markets are witnessing a selloff in Bitcoin and price appreciation in Digital Yuan due to funds shifting towards more stable cryptocurrencies backed by large nations.

On Wednesday, May 19, Bitcoin crashed below $30,000, later recovering to $36,000. The move was triggered primarily by the selloff inspired by China’s all-encompassing cryptocurrency ban. One cryptocurrency, though, remains unaffected – the Digital Yuan.

Analysts predict that China is boycotting all foreign cryptocurrencies in efforts to promote the use of its official national cryptocurrency – Digital Yuan. Digital Yuan has recorded record growth during the last few months, fuelled by China’s immense spending power. Analysts are expecting it to go even higher as more measures such as witnessed those today are adopted.

Currently, Yuan Pay Group is the only company licensed to issue Digital Yuan to foreign investors, and their own has seen unprecedented success, far surpassing that of Bitcoin. Furthermore, Digital Yuan is distributed through Yuan Pay Group’s platform in real-time and without fees.

Markets are witnessing a selloff in Bitcoin and price appreciation in Digital Yuan due to funds shifting towards more stable cryptocurrencies backed by large nations. Digital Yuan perfectly fits the bill as it ramps up its seventh day of continuous price increases.

According to the Yuan Pay Group’s annual report and growth projections, the company rose by 27% and has a customer base of over 100,000 active daily users. The company has grown through organic marketing strategies and effective digital lead acquisition. The potential for YPG is staggering, and most financial growth forecasts predict the Digital Yuan appreciating by more than four times in the upcoming year.

As the Chinese economy and middle class expand, the market for cryptocurrency in China will only grow. With significant growth in its sights, Yuan Pay Group does not charge trading fees and accepts virtually all major financial institutions. Considering the current economic trends, savvy investors should strongly consider investing a part of their portfolio into Digital Yuan for the high potential of price appreciation.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Andy Watson
Author Andy Watson

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