Recently, YuanPay Group has released the research report on Digital Yuan, China’s Central Bank Digital Currency (CBDC). Digital Yuan is the newest addition to the global digital currency portfolio. It’s the first currency of its kind that is fully backed and sponsored by a large nation and investors are betting on it skyrocketing.
Independent Research Group interviewed over 7,650 investors in the UK and Ireland and found that over 92% considered investing in Digital Yuan and 76% have already invested or are preparing to invest within the next two weeks.
With the current financial markets in turmoil, many high-return seeking individuals are turning towards digital currencies. However, none has performed as well as Digital Yuan returning investors 10 times their money in September alone.
“With the official government backing, there is little downside risk and the current market conditions are perfect for investment. Major stock indices are down and many of us are turning to-wards Digital Yuan to get unprecedented returns. This is our chance to invest early and not miss another bitcoin-like opportunity” – a senior hedge fund trader who wished to stay anonymous commented in an interview.
“It’s really impossible to resist this investment opportunity. It’s the first country-backed digital currency. China is producing a new billionaire every week with its red-hot markets. It has a lot of capital and liquidity so it’s not a chance to look over” – says Michael Jewles, a famous day-trader and venture capitalist.
Bitcoin has gone from less than 0.002$ to 17,000$ which would make a $100 investment now worth $5M. It’s easy to see why everyone is eager to get on this opportunity.
Additionally, Digital Yuan may provide a solution for Chinese long-standing bad debt problem. The country currently has 2.4 trillion yuan ($341 billion) of officially recognized bad debt due to the illegal yet popular practice of obtaining multiple loans pledging the same collateral. Wide adoption in the Chinese economy of the Digital Yuan would drive its value even higher.
“Using smart contracts provided by the Digital Yuan currency, the government of China will be able to track assets and liabilities and to ensure that multiple loans are not taken over the same collateral”,