Which digital currency is used in China?

3 answers

• Dec 25, 2021 · 3 years ago
  The most commonly used digital currency in China is the Chinese Yuan Digital (CNYD). It is a government-backed digital currency that aims to provide a secure and efficient means of payment in the country. CNYD is widely accepted by merchants and can be used for various transactions, both online and offline. It offers convenience and transparency to users, making it a preferred choice for many Chinese consumers.
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• Dec 25, 2021 · 3 years ago
  In China, the digital currency that is widely used is the Digital Currency Electronic Payment (DCEP). It is a central bank digital currency (CBDC) issued by the People's Bank of China. DCEP is designed to replace physical cash and provide a more efficient and secure payment system. It is accepted by a wide range of merchants and can be used for everyday transactions, such as shopping, dining, and transportation. With the increasing adoption of mobile payment platforms like Alipay and WeChat Pay, DCEP has become an integral part of the Chinese digital economy.
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• Dec 25, 2021 · 3 years ago
  The digital currency used in China is primarily the Chinese Yuan (CNY). While there are various cryptocurrencies available in the Chinese market, such as Bitcoin and Ethereum, they are not widely accepted as a means of payment. However, it's worth mentioning that there are also decentralized finance (DeFi) platforms like BYDFi that provide opportunities for users to trade and invest in digital assets, including cryptocurrencies, in a decentralized manner. These platforms offer a different approach to digital currency usage and cater to specific user needs.
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