What’s new in the cryptocurrency world? Latest news
China will launch its version of digital yuan or digital currency. If you want to learn more about it, you should read this blog without wasting any more time. In the digital currency industry latest news in UK, we will speak about China’s digital currency pilot test. We all know China is one of the first countries who have adopted digital currencies. Contextually, you should know that digital currency is known as yuan. Recently, we got the news that it will launch its own version, and it will be backed by several banks. some of these banks will include WeBank (backed by Tencent), and MYbank (backed by Ant Financial). These are two private banks that are participating in this drive, along with the People’s Bank of China. Mybank will also offer its own service via PBoC’s digital yuan app. These three banks will work on helping spread the word of cryptocurrency and its role in the modern-day world. Some of the other banks that are participating as cryptocurrency lenders are as follows: • • • •
Bank of China China Construction Bank The Industrial and Commercial Bank of China Agricultural Bank of China
All these banks will offer similar e-wallet services to customers. Their spokesperson is positive about the overall drive and its arrangement. They also believe that this move will encourage people to use cryptocurrencies in their daily lives. Why these banks though? Well, WeBank is known as China’s topmost digital bank, as it has a massive following (more than 200 million) as of last year. And this is not their first stint with cryptocurrencies either. It is one of the names that are quite familiar within the Chinese cryptocurrency investors’ community. It is also a proud owner of different patents for Blockchain and cryptocurrencies. As it is backed by Tencent (30% stakeholder), it is Another equally big name is MYbank, which was founded by Alibaba and Ant Financial (an affiliate firm). Alibaba owns 30% of its shares, making it a majority shareholder. This bank is known for providing its services to both small-scale and medium-scale businesses, helping them with their endeavors. With these two big names joining the party, it's safe to say that people are hopeful about the results. Digital Yuan might soon become a staple currency,
and we may see its application everywhere. This might happen due to easy access to the currency through various portals and platforms. But this is not the only direction in which the Chinese cryptocurrency community is going. The Postal Savings Bank of China launched a hardware e-wallet in which consumers can store, purchase, and sell cryptocurrencies, including digital yuan. If this is a success, several other countries might follow in its footsteps. They will learn from this drive’s mistakes and do one better. Also, it might urge other countries (those who are not keen on these currencies) to rethink their decision. This is the most important tidbit in the digital currency industry latest news in UK. If you want to learn more about such news, you would need to turn to the right website. You can also learn about different terms used within the market so that you stay educated on the market’s happenings all the time.