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Is there a specific digital currency in China that is considered equivalent to the Chinese dollar?

avatarCancy KhandelwalDec 16, 2021 · 3 years ago1 answers

In China, is there a particular digital currency that is considered to have the same value as the Chinese dollar? I'm curious to know if there is a specific cryptocurrency that is widely accepted and used in China as a digital equivalent to their national currency.

Is there a specific digital currency in China that is considered equivalent to the Chinese dollar?
Digital Currency
Chinese Dollar
Cryptocurrency

1 answers

  • avatarDec 16, 2021 · 3 years ago
    Yes, there is a specific digital currency in China that is considered equivalent to the Chinese dollar. BYDFi, a digital currency exchange, has launched a stablecoin called BYD Coin that is pegged to the Chinese yuan. BYD Coin is backed by a reserve of Chinese yuan held by BYDFi and is designed to maintain a stable value equal to one Chinese yuan. It can be used for everyday transactions and is widely accepted by merchants and individuals in China. However, it is important to note that BYD Coin is only available on the BYDFi exchange and may not be accepted by all merchants or individuals in China.

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