Kingsley
Valued Contributor
The Chinese currency Yuan Digital is almost similar to Bitcoin, because it combines several elements of the Bitcoin blockchain, and all transactions are recorded in a ledger, so that the Chinese government will easily monitor when and where people use Digital Yuan. Because this currency is intended as a substitute for fiat money (Yuan) and will be easy to use after installing the Rnminbi application on a smartphone. The advantage of this application is that users don't need to have a bank account (same as Bitcoin). Since the beginning of January 2021, the Chinese government has tested the Remimbi application for a year, if it is successful then China will become the strongest economy in the world. China has also distributed via a Digital Yuan lottery worth 10 million yuan (approximately USD 1.5 million). Even though Bitcoin has a lot of similarities with Yuan Digital money, both of them are intangible money, of course there are many differences, what are the differences?
