GDP per capital



  • Red


General adoption

Although China declared cryptocurrency banned and does not approve the usage of it. China has designated some cities and entities to trial blockchain applications, underscoring the importance Beijing is attaching to this particular technology, while utilizing the Digital Yuan. Furthermore, the Chinese government has warned investors against speculative crypto trading.

Government View

The Chinese government banned crypto as counter measures to money laundering. The Chinese government has deployed a central bank digital currency (CBDC) named Digital Yuan. Opposite of regular cryptocurrency, CBDCs are not only trackable, they may also be programmable. After a natural disaster, for example, a government could send citizens digital money that could be spent on food and medicine, but not alcohol. This means that governments will have a greater ability to decide who has access to digital money.

Blockchain Projects

Digital Yuan, also known as the e-CNY, it’s designed to replace the cash and coins already in circulation. It is not a cryptocurrency like bitcoin, in part because it’s controlled and issued by the central bank. Bitcoin is a decentralized digital currency that isn’t backed by any central banks or a single administrator.

Taxes and Regulation

Crypto is illegal in China.

Trading Methods



In privacy terms, the Chinese government would do as much as it can to track the money spent within it’s region and especially Cryptocurrencies, which in their opinion is a method of laundering money. China already has a very sophisticated mobile payments system, led by WeChat Pay and Alipay. Companies already collect plenty of private financial data, but the digital yuan will make that data even more accessible to the government. Fanusie said the Chinese government can already go to the payment companies and get the data, but with the digital yuan, they won’t need to take that extra step because they will already have direct access to that data.

Last Updated

Monday, 31 October, 2022

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