China Establishes Digital Yuan As The Official Coin Every time a nation or a corporation announces sponsorship of a digital asset, the price skyrockets leaving investors flush with high returns
By Josh Horowitz •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
After years of research and development, the Chinese central bank has finally established its decentralized digital currency: Digital Yuan.
The company chosen to issue tokens and allow trading for the public was selected to be the Yuan Pay Group. The company's sole purpose is to market, distribute and enable safe trading of the newly established digital coin.
At the time of writing, the price of one Digital Yuan equals €0.12. It's considerably less expensive than any of its rivals. Bitcoin currently trades at €32,786.24 and Ethereum at €2,123.19.
Historically, every time a nation or a corporation announces sponsorship of a digital asset, the price skyrockets leaving investors flush with high returns. Many are expecting Digital Yuan to follow the same footsteps given a tremendous state backing. Bitcoin has created a new generation of millionaires, and it's time for Digital Yuan to do the same.
We went through the purchase process to investigate the complexity and found the operation to be straightforward. Just head over to the official Yuan Pay Group's website and click the "Register Now" button. Next, fill in the information and select "Open Account". You will then be redirected to an authorized broker available in your region, where you can proceed with the purchase. Note that you may be required to answer your phone for an automated verification check.
The minimum deposit is only $250, which is reasonable considering the decentralized currency's potential exponential growth. There are no trading fees associated. Profits and the initial investment can be withdrawn at any time as per local regulations.
If Digital Yuan follows the path of Bitcoin, the initial investment of $250 could be valued at well over $10M.
"With the official government backing, there is little downside risk, and the current market conditions are perfect for investment. Major stock indices are down, and many of us turn towards Digital Yuan to get unprecedented returns. This is our chance to invest early and not miss another bitcoin-like opportunity," – a senior hedge fund trader who wished to stay anonymous commented in an interview.
"It's almost impossible to resist the opportunity to invest into Digital Yuan. It's the first large country-backed digital currency. On top of that, China is producing a new billionaire every week with its red-hot IPO markets," – says Michael Jewles, a famous day-trader, and venture capitalist.
Why is China adopting this new coin?
Digital Yuan may provide a solution for the Chinese long-standing bad debt problem. The country currently has 2.4 trillion yuan ($341 billion) of officially recognized bad debt due to the illegal yet widespread practice of obtaining multiple loans pledging the same collateral.
Using smart contracts provided by the Digital Yuan currency, the government of China will be able to verify a person's assets and ensure that multiple loans are not taken over the same collateral.
Wide adoption of the Digital Yuan in the Chinese economy would drive its value even higher, rewarding its early investors. According to the official website, in the Xiong'an area, salaries are already paid through Digital Yuan, making China the first nation to use digital currency as a means of salary payment.
If you're interested in investing, you can do so only through Yuan Pay Group and its authorized brokers.
