China uses its own cryptocurrency, the digital yuan, to perform the first ever official blockchain transaction in the country. This news are nothing new, considering how much China is pushing towards a fully regulated crypto scene. Which again is quite understandable, given China’s desire to control basically every aspect of its citizens lives. Hence the first official crypto-payment by the country is only a preview of what we can expect from this Asian giant in the future.
On 23rd of August China announced that the country used its own digital yuan currency for the first time ever. More specifically, to pay for the storage fees in a delivery warehouse in the city of Dalian. Consequently, making e-CNY the first ever digital asset to be used in a domestic futures market transaction.
Moreover, China Securities Journal report states that the transaction is possible thanks to the assistance of the Bank of Communications and Bank of China. It is fair to mention that both banks performed this action with the help of its local branches. In addition, the report also points out the perks of using a payment option such as the digital yuan.
What makes the e-CNY so desirable, is the fact that it comes with absolutely no costs whatsoever. Also, it provides the utmost convenient payment method, due to its high speed, reliability and no fees policy.
However, this is not the first time that China enrolls the digital yuan. In fact, the country already offers this cryptocurrency in several aspects of China’s society. For example, China uses the e-CNY in the state lotteries and several special stores across the country. In particular in cities such as Xiong’an and Shenzen.
The goal behind gradually implementing crypto in the everyday life of its citizens is a delicate process. Especially if you consider that the majority of the population is not familiar with crypto and its unique nature. Hence, with the latest project the Chinese government wants to hit two birds with one stone.
Specifically, to start enrolling the digital yuan in basically every aspect of its society, and by doing that to educate the Chinese citizens about crypto and its unique features.
China officially using the digital yuan for the first time only confirms the country’s desire to fully regulate crypto within its borders. Up to such extent, that China will enable all Beijing Winter Olympics tourists a chance to deal with this cryptocurrency as well. Specifically, they will have free access to the e-CNY currency without opening a Chinese bank account.
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