In the latest report, it was found that the authorities are making an attempt to take the Digital Yuan to the next new level by setting up a digital asset exchange platform in Beijing.
According to Bloomberg, guidelines issued by the State Council indicate that there are plans to set up a digital asset trading exchange in lieu of financial services in the capital. At the same time, the cabinet intends to expedite the testing of Yuan Digital along with banking cooperation.
As is well known that China has declared an all-out war against unregulated crypto assets in the country. Thus, the government is taking a proactive step by providing an alternative through CBDC crypto assets that allow it to be controlled.
According to the report, one of the main reasons for China to implement a nationwide ban on crypto is “consumer protection” given the unregulated nature of crypto.
However, earlier this month, it was a bit of a cliché when there was the issue of the first CBDC scam. Xinmi police arrested 11 suspects in Fujian Province for illegally using digital Yuan to launder money. Authorities revealed that China’s CBDC is being used as a medium to launder money for certain groups.
Nevertheless, Chinese authorities assured the public that they will ensure this remains an isolated incident by improving the privacy protections and anti-counterfeiting features of Digital Yuan.
