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Do you think the digital YUAN is a cryptocurrency?
We have all been using digital currencies for many years, every time we make a purchase and pay with our debit or credit cards we are using digital currencies, but not from the point of view that is being known at this time.
It is a computer code that is controlled by the central bank of China unlike cryptocurrencies that are decentralized, being controlled by the central bank, the government has control of all its movements, and thus does not need the permission of other countries that control commercial currencies such as the dollar.
China gains control of the uses of digital money and what it is used for, where it is used, and where the money goes, because it leaves a trace of the movements that are made by the code that will be used in the creation of digital YUANES.
You do not need internet to have digital YUAN, it can be in a QR, in a card or even in the same cell phone, Chinese citizens have already taken advantage of the YUANES donated by the government for citizens to practice the use of digital YUAN and so they are adapting both users and businesses, many members of the Chinese Communist Party have used the digital YUAN to pay their debts.
In the tests of the digital YUAN they have put expiration dates to the money to stimulate the users to buy before the expiration date being this a way to move their economy and to have controlled their currency knowing when the days of greater sales in the country will arrive.
The Chinese government seeks to avoid the speculation that exists in the world of cryptocurrencies with the digital YUAN trying that the value of paper money versus the value of the digital Yuan remain stable, and with this control the central bank is establishing strict rules so that no one except them can create digital YUANES, China has already more than 2 years experimenting with the digital YUAN and must have all the pros and cons well studied and one of these is the rivalry with the US dollar that we know is used globally as a commercial reference currency
The US has kept thousands of people sanctioned worldwide and many countries sanctioned such as RUSSIA, CHINA, IRAN, VENEZUELA, among others. The advantages that these people and countries that cannot use their currencies will have is that with the digital YUAN they will not be tied to the US dollar and will be able to make their financial transactions through this digital currency allowing the purchase of food, medicines, without their money being blocked by the US banks and then retained without knowing what will happen with such money, while with the digital YUAN there is no such restriction because we know that the Chinese culture does not have the same customs as the Western countries and less those of the USA.