Home
News
Blockchain advancement and evolution are happening along the lines of the traditional banking system, resulting in the development of CBDC. China has launched its digital currency and has banned all crypto-related activities.
The digital currency craze has evolved significantly over the past few years; cryptocurrencies primarily influence the move. China is one of the nations that has already launched its central bank digital currency (CBDC).
China’s Central Bank, the People’s Bank of China, has now released a service guide for foreign visitors to help them ease the usage of e-CNY. The aim of publishing the guide is to help visitors make contactless payments with the central digital currency.
A regional media report, “Explore the Splendors of China with e-CNY Service Guide for Visitors in China,” published a guide to help tourists make payments in digital yuan using the official mobile application.
According to the published guide, the application of e-CNY is publicly available on the App Store and Google Play Store. The application offers the facility to register on the ecosystem per the policy and guidelines.
As per the released guide, “International users can also visit the authorized operator’s bank counters to top up their wallets with RMB banknotes or foreign currency banknotes.”
It further notes, “Remaining wallet balance could be exchanged for banknotes at the counter.”
In 2021, China banned cryptocurrency-related activities; before the halt, the region was the hotspot of crypto miners. However, its neighbor, Hong Kong, is constantly working to ease cryptocurrency rules and regulations.
China Out of the Crypto Race!
The government of the United Kingdom has declared its intention to persist in collaborating with the financial services and technology sectors to develop or draft the necessary laws to manage digital securities and enable smooth transactions involving cryptocurrency assets.
The UK government wants to establish itself as a center for the cryptocurrency sector.
Throughout 2023, certain areas have been dominated by the regulation of the digital asset industry. Nearly every major nation aims to have a strong presence in the expanding cryptocurrency market.
The government of the United Kingdom established a goal in 2022 to become a center for cryptocurrencies. Since then, it has worked towards this objective and will continue until 2024.
Hong Kong and Singapore are closely competing to become the next crypto hub. However, Singapore is preferred more than Hong Kong.
Market Price Update
The entire crypto market has flourished significantly since the beginning of 2024; some leading and renowned coins/tokens surged more than 50%.
Bitcoin price has grown more than 30% in the past 30 days; when writing, it was trading at $66,932. However, the trading volume of BTC has reflected a steep decline of 21.10% in the past 24 hours.
It is crucial to note that Bitcoin traded at its all-time high on March 14, 2024. The price might continue to grow, as the 4th BTC halving is due in April 2024.
Ethereum, the second most prominent crypto in terms of market capitalization and credibility, has surged 27% monthly. At the time of publishing, ETH was trading at $3,512, with an intraday decline of 0.56%.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
