China is the first major economy to launch its own official digital currency

Written by Marisol

China already has its own digital currency: the Virtual Yuan, controlled by its Central Bank, according to a Wall Street Journal publication. The Chinese digital currency will compete with other cryptocurrencies, whose popularity continues to rise thanks to the success of Bitcoin.

No anonymity

One of the purposes of the Virtual Yuan is to nullify one of the main attractions of bitcoin: anonymity for the user. China is the second country in the world and the first major economy to officially launch a digital version of its own currency.

The Sand from the Central Bank of Bahamas, began to be issued last year and is already accepted in stores in its capital, Nassau. South Africa, India, Pakistan, Venezuela and Thailand are other countries that have concrete plans to launch their own official cryptocurrencies soon.

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