The People’s Republic of China now has its digital currency ‘Yuan’ available on its Android and iPhone store online. This is according to South China Morning Post, as the project has been around for more than 2 years.

Yuan isn’t a cryptocurrency.  As it is simply an aim to digitalise its coins and banknotes. So e-CNY as it is called works differently from the likes of Paypal and Apple pay.

New Site CNBC says that the digital payment platform uses a two-tier system that transfers money from the National bank to commercial banks. While the commercial bank gives out these digital monies to consumers.

Unlike Cryptocurrency that is based on a blockchain and has decentralization, e-CNY doesn’t have any kind of privacy.

China’s Central bank has banned the transactions of Cryptocurrency based on claims of risk. The People’s Bank of China said the transaction of bitcoin and other cryptocurrencies have created “money laundering, illegal fund-raising, fraud, pyramid schemes, and other illegal and criminal activities.”.

Reports of the ban have adversely affected crypto value, as prices have slumped after the news. The ban will certainly help China’s ongoing energy crisis as reported by Bloomberg.

Cryptocurrency like other means of payment will need some form of regulatory control else they would go bizarre. The People’s Bank of China is aggressively promoting its digital currency e-CNY just like the Nigerian government.

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