The crypto market is all about seizing the moment, and CBDC coins have practically made a dent into the market on a bizarre note. Those nations who are not on terms with accepting Bitcoin or any other cryptocurrency, for that matter as a legal tender, are developing their own CBDCs or digital equivalence of their national currency if you must. China is no different; this is the country that was considered the hub of crypto mining and, therefore, decentralization not so long ago.
But a lot has changed over the years as recently China issued a severe crackdown on all crypto miners, thus pushing them from its borders to the point that they were looking for other countries as a potential place to set up their mining operation. It can’t be narrowed down successfully what it was that pushed China to seek refuge from the crypto market; maybe it was the overtly excessive use of fossil fuels on Bitcoins and for the sake of mining or the overall harm that the crypto market proposes to our environment. No matter what it was, China is off the table from becoming a part of the crypto revolution and is already developing its own CBDC coin.
Chinese CBDC Adoption Expands
This digital yuan was established and has started circulation not so long ago. There are online retailers now in China, especially JD, which is now allowing the customers to pay for any product they want in terms of digital yuan. A merger has been struck between JD and the Construction Bank of China, which will provide the company complete legal framework using which it can ask for digital yuan in exchange for products bought by the customers. JD has become the first multi-national firm to accept the Chinese CBDC by establishing a partnership with the Construction Bank of China.
All the instructions related to how people can use digital Chinese yuan for the sake of making purchases are already upon JD’s app. Anyone who still can’t figure out how to incorporate this option, they can ask for instructions that will be provided to them via email. This affiliation proposes a win for the Chinese CBDC against the crypto market and its legitimacy to embrace decentralization.