Officially known as a Digital Currency Electronic Payment (DCEP), China wants to replace its fiat currency with the digital one to encourage cashless transactions, ushering in a new era for world economics. Like Bitcoin, it also relies on blockchain technology to facilitate and verify transactions, but unlike Bitcoin, it is centrally controlled by regulatory authorities and backed up by fiat currency reserves. With China cracking down on Bitcoin miners and exchanges could this usher in an era where the U.S. is the dominant force in cryptocurrency?

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#Yuan #China #Bitcoin
~Digital Yuan Could Surge Bitcoin | Can America Be #1 in Crypto?~
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