Real-world trials have already been underway but China has recently accelerated the promotion of its national digital currency project, called Digital Yuan, which will eventually replace some cash and help match the changing consumer trends. In a fresh push, the world’s second-largest economy encouraged the use of Digital Yuan in utility bill payments, retail transactions, and administrative services.
Electronic payment providers have begun offering users the option to pay with the Digital Yuan, and e-commerce platforms have started accepting it as a payment method. As part of efforts to promote the digital currency, China allowed foreigners to use the Digital Yuan during the Winter Olympics in Beijing. Chinese residents had opened about 150 million Digital Yuan accounts, with transactions hitting 62 billion Yuan (US$9.7 billion) since its launch.
Coins distribution is the biggest factor for the Chinese government in its promotion efforts. Distribution will be conducted via a so-called two-tier system. That means the PBOC will distribute the Digital Yuan to commercial banks and its digital partners like Yuan Pay Group.
What is the Yuan Pay Group?
Chinese residents can only do business with Yuan Pay Group regarding cryptos since it is the only authorized distribution center in the country. Moreover, the platform is not limited to Chinese residents. You can take advantage of the asset even if you live in any part of the world.
Like other cryptocurrency trading platforms, the Yuan Pay Group trades the Digital Yuan. You are required to pay cash to buy Digital Yuan. It is also possible to sell Digital Yuan in exchange of fiat currency. To make the transaction process smooth and risk-free, Yuan Pay Group is in partnership with most major Chinese banks.
Mobile apps are not available for users. However, its website is easy to navigate and user-friendly. It can be accessed via a computer or smartphone. It is well optimized for mobile devices as well as desktops.
Is Yuan Pay Group a Legit Platform?
The legitimacy of the platform should be traders’ priority when it comes to buying and selling digital coins through online platforms. The legality gains more importance because China has imposed strict restrictions on crypto trading and mining of digital coins.
However, China has started accelerating the use of its Central Bank-backed Digital Yuan. As mentioned earlier, Coin distribution is the most important aspect of the Chinese government’s promotion campaign, and distribution will be done through a two-tier system. That means the PBOC will distribute the Digital Yuan to commercial banks and its digital partners like Yuan Pay Group.
Yuan Pay Group, an authorized distributor, has received special permission from the government to sell and buy this cryptocurrency. In accordance with regulatory guidelines, the platform does not engage in other cryptocurrency trading services.
Who Can Use the Yuan Pay Group?
At present, Digital Yuan trials are taking place in many cities including Shenzhen, Xiongan, Suzhou, Chengdu, Changsha, Hainan, Shanghai, Qingdao, Xian, and Dalian, as well as Winter Olympics venues. However, anyone can buy, sell and trade Digital Yuan.
As Yuan Pay Group is an authorized distributor, people from across China and the world can buy and sell Digital Yuan through its platform. However, to enhance user access from across the world, the Yuan Pay Group trades the Digital Yuan in the same way you would trade a regular cryptocurrency. This strategy allowed the platform to accept clients from across the world.
Anyone can use Yuan Pay Group. There are no age or professional limits. Yuan Pay Group is a simple platform for anyone to access the Central Bank-backed cryptocurrency. Its website is user-friendly and offers great security. You don’t need to provide a huge amount of information when you sign up on this platform.
How to Get Started?
As stated earlier, the platform doesn’t offer a trading app. Therefore, traders are required to visit the website to access the trading platform. Below are the few steps you need to follow:
Step 1: Registration
Registration is the first step. The registration form is placed on the home page of Yuan Pay Group. You can fill the registration form from any device from across the world. Unlike other platforms, Yuan Pay Group only requires investors to provide basic information like name, e-mail address, and phone number.
Once you are done with the information and press the register button, the platform will send you a verification link at your email address to verify your identity. The registration process will not take more than a couple of minutes. The platform also strongly suggests investors create strong passwords for their accounts and not share passwords with anyone else.
Step Two – Deposit Money
After registration, the users are required to transfer funds into their Yuan Pay Group account to access the trading platform. Unlike other trading platforms that require investors to deposit thousands of dollars. Yuan Pay Group requires investors to deposit a minimum amount of $250.
There are several ways to transfer funds into a Yuan Pay Group account. You can transfer funds through banking channels and online methods. Wire transfer, credit cards, and other online methods are accepted.
Step 3: Educate Yourself Before Live Trading
Once you are done with registration and depositing the funds, the platform will direct you to the Yuan Pay Group’s trading platform. You will see a lot of educational material on the trading platform about how the Chinese cryptocurrency works before you begin investing. The platform strongly suggests its users read about the Digital Yuan and what are the risks involved in trading.
Step four– Buying and Selling Digital Yuan
When you are done with registration, funds deposit, and learned about trading instructions and risks involved, you are now ready to convert your fiat asset into the Digital Yuan. You are eligible to hold your fiat currency along with Digital Yuan with Yuan Pay Group. It is a certified distributor of Chinese national digital coins and complies with regulatory guidelines. The user is also eligible to sell their Digital Yuan’s to other traders or convert Digital Yuan into a fiat currency.
What are the Key Features of Yuan Pay Group?
Yuan Pay Group has a simple but advanced platform. Several features have been developed to make trading easier for investors. Additionally to a user-friendly website, below are a few other features worth mentioning:
No Fee or Commission
The platform is completely free for users. Unlike other platforms that charge hidden fees and commissions, Yuan Pay Group is transparent. You will not be charged for account registration. Deposits and withdrawals of funds are also free of charge. There are also no service charges on holding your deposits and Digital Yuan in your Yuan Pay Group account. Overall, the platform is entirely free for you.
Secure and Efficient Trading Platform
Yuan Pay Group is a reliable and trustworthy platform. It is licensed by the Chinese government to distribute Yuan Digital coins to users. It is also partnered with major banks to enhance the trading experience of its users. Yuan Pay Group is complying with government policies and it is not engaged in trading of other digital cryptocurrencies.
Besides that, the platform focuses strongly on securing users’ accounts and deposited money. For that, Yuan Pay Group uses advanced encryptions to secure users’ accounts from online hacks and cyber-attacks. It also doesn’t hold users’ funds in its business account. The users’ funds are held in a separate account and no one other user can reach those funds. The platform is also backed by blockchain technology to secure Digital Yuan.
Buying and Selling Digital Yuan
As an investment opportunity, Digital Yuan is available to investors in the U.S. and elsewhere. Unlike Bitcoin, Digital Yuan is a centralized coin and backed by the Chinese central bank. Therefore, investors buy a Digital Yuan with the goal that the digital coin will gain value compared to other currencies. Its value appreciation also depends on China’s intention to promote its digital coin. Currently, it appears that the world’s second-largest economy is aggressively seeking to capitalize on changing business and consumer trends.
On the other hand, over the last several decades, China’s economy has experienced rapid growth. In the foreseeable future, it will remain one of the world’s top economies. A strong economy maintains a strong currency. The Digital Yuan is attractive to foreign investors due to China’s strong economy.
Final Verdict
Yuan Pay Group is the only certified distributor of China’s Digital Yuan. The platform not only permits Chinese residents to participate in buying and selling of Digital Yuan, but it also accepts users from across the world who want to become early adopters of the first national-backed digital currency. The platform is secure and safe. People from across the world can easily deposit and withdraw their money. The platform is user-friendly to make it easier for new investors to learn about Digital Yuan.
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