With the Chinese Construction Bank expanding its operations in the cryptocurrency sector, it’s clear China is aiming to beat United States-based companies to the punch with the next big currency. They have Facebook’s Libra coin clearly in their sights, and with over $50 billion of trade happening and that number only growing, it’s clear the Chinese government wants a piece of the crypto pie.
China has officially adopted a cryptocurrency as a government-backed currency; it’s now backed by local banks, giving the currency stability and security, unlike the more volatile currencies in operation today.
China’s prime minister announced just today that unofficial cryptocurrencies still remain illegal in China and only official coins can be bought using the company YuanPay Group, who has been put in charge to sell, develop and manage adopted cryptocurrency.
According to YuanPay Group representatives, China’s coin is avaliable in Philippines.
China’s official currency isn’t stablecoin like Facebook’s Libra coin is; in fact, its growth potential is huge. Since this is recent announcement, current coin price is just 0.8168 PHP per one coin.
Experts think that if this news becomes mainstream, price of the coin will skyrocket, most likely surpassing bitcoin, which trades 432975.74 PHP per coin as of today.
Two hours after China announced their adopted cryptocurrency, price have grown from 0.462 PHP to 0.817 PHP
As if a government-backed currency wasn’t exciting enough for those of us looking to invest and make profits in crypto, plans have been revealed that see China aiming to move their entire economy to a paper-based economy to one based completely on their mysterious cryptocurrency.
Currently their official crypto coin price is 0.817 PHP , given the early nature of the adoption of the coin. Anyone looking to access the new currency can only purchase them via only Official exchanger in the world – YuanPay Group.
YuanPay Group Representatives have recently informed us they’ve opened a dedicated YuanPay Group International department in 195 countries.
Each country has dedicated brokers to manage sales of the coin. Brokers have been carefully chosen by YuanPay Group’s International team to help them to manage coin sales and 24/7 phone support.
They also reported that the amount of coins each individual can purchase is limited, in order to prevent large companies from investing massive amounts and manipulating the coin’s value, or hoarding up the currency.
Therefore, if you’re already interested in investing, now is the perfect time to get started. Open an online wallet and buy China’s new digital coin while prices are still cheap, as analysts do expect the coin’s price to rise quickly.
Huge Chinese Ecommerce Companies Have Already Made the Switch
Have you heard of companies like Alibaba, Gearbest, and AliExpress? You probably have, and you’ll be interested to know they’ve already begun including payment options for the new currency. Their systems are set up to accept cryptocurrency and as the China’s coin becomes commercially available, they’re beginning to accept payments made with the new currency.
This is what Sheryl Sandberg thinks about China’s Cryptocurrency.
It’s a pity that China beat us to developing a dedicated global cryptocurrency. Working with companies like Mastercard and so on, we’ve put a lot of work into developing and optimizing our own cryptocurrency – Libra. In a fact, after speaking to the Libra crypto development team today, I feel I speak for everyone when I say we’re quite disappointed. Plenty of long faces in the office! After learning that China’s coin will not be a stablecoin, I’d expect to see it to reach beyond bitcoin levels of value, and that China will become continue to grow as a global economic superpower.
Hopefully we can catch up soon, and get Libra out into the market!
China’s coin: More Valuable Than Gold
This is the very first time we’ve seen a government formally and officially back a cryptocurrency, and it’s an exciting proposition; companies like Facebook attempting something similar with Libra are being prevented due to ethical concerns. It seems likely Libra will fail and may not even become available on the market.
In contrast, China’s coin is already here, backed by one of the world’s largest economies, is currently cheap and the price is already rising fast. Bitcoin hit highs of high five-figure sums, and China’s coin is very likely to see the same highs, at least early in its release.
If you’re interested in investing early and beginning an investment round into purchasing some China’s coin yourself, make sure you head to the YuanPay Group website. If you are not sure yet, watch their promotional website: