China’s Crypto Market: Digital Yuan as an Alternative to Private Cryptocurrencies

... bookkeeping—based on distributed ledger or blockchain technology—is an important aspect of the CBDC. In this case, blockchain technology is intended to reduce costs and simplify payments. Currently, China is testing just such a hybrid payment system with the digital yuan issued by the People’s Bank of China. Conclusions The desire of the Chinese authorities to curb cryptocurrency mining stems from fears of a disruption in the national payment system at a time when the digital yuan is experimentally introduced into the national economy. Currently, China’s ...