China to Launch Digital Asset Exchange to Boost Digital Yuan Adoption

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There are talks of a potential digital asset exchange opening up in China, which will provide coverage to a wide array of operations for the approval of digital Yuan. This doesn’t mean that the cryptocurrencies are going to receive a green pass so these can once again begin their operation within the region after being shut down previously. This potential digital asset exchange is only going to support the adoption of digital Yuan so that it could find a potential market with the locals and provide the same efficient service that any other crypto would.

The only difference is that the digital asset and the exchange itself would be backed by the state of China. China is extremely void of sentiment when it comes to decentralization; it doesn’t care about the essence of this very phenomenon which states that no single entity, organization, or state should have control of the people’s finances. China, by introducing a centralized digital exchange and asset, is going extremely against that philosophy.

Digital Yuan is a Centralized Digital Currency

Sure the digital Yuan might work similarly as an efficient cryptocurrency such as Bitcoin or Ether would, but the purpose of decentralization or the meaning for which cryptocurrencies stand is lost. It is similar to shoving down digital Yuan through the throats of the locals even if they want to accept it, bring it into use or not. China will try its level best to fend off private cryptocurrencies such as Bitcoin, Ether, or XRP, so no financial permissions are lost or compromised, and the state has access and control over the whole operation.

It seems like a two-part plan, first China issued a severe crackdown on crypto miners and shut down crypto exchanges within the region, and now it has developed the digital Yuan and is trying to find a dedicated audience for it by establishing a digital asset exchange of its own. No one can say if this operation will become successful that China is literally pouring its heart and soul into making digital Yuan a hit among the locals and international crowd because the hearts of people still go out to crypto and to decentralization.


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