Yuan Heading for Big Drop – What China’s Outflows Mean for Bitcoin

From privacy to political power, China’s digital yuan will have far-reaching implications.

Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the....

Despite efforts by China’s central bank to stabilize the Yuan in the past, they have utterly failed to do so. The value of China’s Yuan has been going down steadily over the past few months. That trend will likely continue, as the currency reached its lowest point since September of 2010. For now, it remains anybody’s guess as to how this scenario will play out long-term, but things are not looking optimistic. At the same time, China continues to be very bullish on Bitcoin, showing the need for alternative financial tools. Almost no day goes by without the Chinese Yuan weakening against....

Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay. The digital yuan may be China’s attempt at a solution.

Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.