We probably don’t have to show China’s hostility to cryptocurrencies since their inception. However, you know for a fact that in the past, China has banned the use of cryptocurrencies, their mining, and all exchanges on which cryptocurrencies could be traded. Many did not understand China’s move, but the plan was clear from the very beginning – China would create its digital currency and then launch the exchange so that the state itself would have everything under control and not individual companies.
China has been creating the digital yuan since 2014, and the country’s plan is to completely digitize societies and economies. The country has already launched a test version of the digital yuan in several regions and has had its banks test e-CNY. Despite all China’s efforts, it is not possible to say that the public will accept the digital yuan. We do not have an exact date for the introduction of the digital yuan, but it has been speculated for some time that this will be for next year’s Winter Olympics, which will take place in February.