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The recent surges in the price of Bitcoin has spurred increased demand for the Chinese digital Yuan, according to the Chinese central bank, CNBC reported.
Many central banks around the world are contemplating the idea of issuing a digital version of their currencies amid an increased demand for digital and cryptocurrencies.
It is worth noting that China has banned initial coin offerings and cryptocurrency mining.
However, the Chinese central bank, the People’s Bank of China, is yet to set the timeline for rolling out the digital Yuan.
The digital Yuan is distributed through lotteries.
Bitcoin, the world’s largest digital currency in terms of market capitalization, recently broke multiple record highs. It is currently trading near $59,300.
