The republic of China’s central bank; PBOC (People’s Bank of China) has already launched the yuan cryptocurrency, the much-awaited digital version of Yuan currency. The launching was done very quickly or fast-tracked just to instantly respond to the COVID-19 pandemic as well as Facebook’s Libra. The pilot test of this digital or Electronic-Yuan has been done in at least four (4) cities even with the participation of stalwart businesses from the United State of America (USA).
Republic of China has come to the forefront again. While other nations are still battling with research and development of their central bank electronic currencies, the republic of China has taken the lead as the only large economic state to issue E-Yuan. This is the first ever government-backed cryptocurrency for now.
Electronic Yuan is fully trackable despite being a hundred percent programmable as well. This means that all capital flow of Chinese digital coins can be monitored by the Chinese government. The government has the wherewithal to impose any precondition or limitation on the way to use the Chinese coins.
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