The Chinese Central Bank (CBDC) has launched its first digital currency, the Digital Yuan. The Digital Yuan is the first digital currency to receive full support and funding from the People’s Republic of China. The Yuan Pay Group started developing the Chinese cryptocurrency in 2014. In close cooperation with the Chinese government, the Yuan Pay Group test was carried out. In other words, the cryptocurrency has been used and tested in large cities such as Shenzen, Suzhou and Chengdu since April 2020. But now the time has finally come, because from November 24, 2020 everyone can convert any currency imaginable into the new Chinese coin. But what exactly is the Yuan Pay Group? What are the advantages and disadvantages? And how serious is the provider really? We took a closer look at Yuan Group and put it to the test. Can the provider convince us?
Buying China’s Coin through Yuan Pay Group – what should you watch out for?
- You should pay attention to the following points when buying the digital yuan through the Yuan Pay Group: Why should you buy China’s cryptocurrency through Yuan Pay Group? In September 2017, China banned cryptocurrency trading. Now the whole thing is changing.
- With the digital yuan, China is now jumping into trading in crypto currencies – and with their own currency. Furthermore, China’s coin is the first cryptocurrency to be approved and promoted by the Chinese government. And crypto currencies is the payment method of the future – the digital yuan will therefore also compete with Bitcoin & Co. Where can I buy the digital yuan? The digital currency can be purchased through the Yuan Pay Group. Yuan Pay
- Group is a leader in the Chinese crypto market. Since 2010, the company has been working on legalizing cryptocurrencies in China. Now they have succeeded. What can the future of Lenovo stocks be like? China wants to be a pioneer in implementing digital assets. The digital yuan could also push the crypto market upwards.
Buying China’s Coin: How it works with Yuan Pay Group
The Yuan Pay Group has been working flat out since 2014 to bring the digital currency through in China. Now they have succeeded and you can buy the digital currency with EUR, USD and GBP.
Step 1: Register with Yuan Pay Group
In order to buy China’s digital currency through Yuan Pay Group, you must first register on the website. The website is currently only available in English, but this can also be set in German using Google Translate. To register you first fill out a form. You enter your first and last name, email address and telephone number.
After successful verification of the email address, you will either receive a confirmation by email or a phone call with further instructions.
Step 2: Deposit
After successful registration and verification, you can then pay into your customer account in the currencies EUR, USD or GBP. The deposit amount is unlimited, but the minimum deposit amount is 250 EUR. We recommend not to exceed this amount at first.
In our Yuan Pay Group test, we were redirected to the website of a regulated broker for the deposit. The broker is used to trade the Chinese yuan. The payment methods depend on the broker, but in most cases credit cards, bank transfers and e-wallets are available.
Step 3: Buy China’s Coin
After successfully paying into the customer account, you have two options. Either you try your hand at the platform with the demo account or you can start live trading right away. The demo account is definitely a good way to get to know the platform first. The Yuan Pay Group experience shows that the demo account is first used before one wants to trade the Chinese currency in live.
What is the Yuan Pay App?
The Yuan Pay Group started developing the digital yuan back in 2014. The company was founded in 2010 and is now considered the industry leader when it comes to e-wallets around the world. Currently, the Yuan Pay Group is the only legally regulated platform that is also controlled and regulated by the Chinese government.
Thanks to the partnership with the government and Chinese banks and organizations, Yuan Pay Group is now the only platform that can manage and organize the buying and selling of the digital yuan. What is the Yuan Pay Group cryptocurrency “China’s Coin”? The digital currency is sometimes referred to as the digital yuan or e-yuan. The crypto currency is called DC / EP – Digital currency / Electronic payment, because it has not yet had a name of its own. China’s financial supervisors have been trying to get their own digital currency since 2014. In 2017, trading in any crypto currency was banned by the Chinese government. That’s why the Yuan Pay Group worked hard to create a platform with which to get involved in the crypto market. The test phase of the digital yuan has now been completed. Now we have to wait and see how China’s coin will develop.
China’s Coin Course
According to the Yuan Pay Group, the current price of the coin is between $ 0.02 and $ 0.03. According to the company, if you invest 1 EUR in the China Coin, you can supposedly make a profit of over 4460 EUR within a few months. A current rate is not yet available as the digital currency was only recently introduced. According to forecasts, the digital currency, which is currently still in the starting blocks, could see a development similar to that of Bitcoin when it was introduced. The earlier you invest in China’s coin, the higher the chances of making a big profit later. First of all, it remains to be seen how the market launch of the digital currency will turn out.
How much potential does China’s coin have? Can you make high profits?
Reportedly, the editors of the Financial Times listed China’s new official cryptocurrency in the top 10 technological revolutions of the 21st century. The digital currency has great potential to end money laundering and fraud. The country has national debts of around 289 billion euros. According to the Yuan Pay Group, this is due to the practice of applying for multiple loans at the same time with the same security deposit. With the digital yuan, the state controls the circulation, all transactions are only possible through authorized brokers. It is expected that China’s coin will also become the norm as a digital currency in other countries and thus also compete with other crypto currencies.
Is there a Yuan Pay Group share?
No. The Yuan Pay Group is not a financial services company and is used as a marketing tool by third parties and brokers. You can then buy the digital yuan through these brokers. However, the Yuan Pay Group offers the software to buy and sell the digital currency.
Is Yuan Pay Group legitimate or a scam?
In our Yuan Pay Group test, we could not find any signs that the platform was a fraud. Of course, trading cryptocurrencies is risky and may not be suitable for every investor. However, Yuan Pay Group is the first platform to offer the purchase and sale of the China Coin. Nevertheless, the provider should be treated with caution at first. According to the Yuan Pay Group, the provider is the only “accredited and licensed company in China” with which one can trade and sell cryptocurrencies. When using the offer from Yuan Pay Group, however, you do not have to worry that you will lose your coins to fraudulent operators.
Yuan Pay Group review: What do other people say about Yuan Pay Group on the internet?
Opinions about the Yuan Pay Group are somewhat mixed at the moment. While some believe it was a scam, there are also quite a few positive reviews. It should be noted here that the digital yuan has only just come out of the test phase. It will take some time to see if it will be successful. However, you can already invest and trade in the digital yuan through the Yuan Pay Group. While other reports call for caution, we recommend keeping risk in mind with any investment. Every trade in cryptocurrencies carries a risk. That’s why you shouldn’t exceed the minimum deposit amount of 250 EUR.
Our Yuan Pay app conclusion
Let us now come to the conclusion of our Yuan Pay Group test. The Yuan Pay Group claims to have a regular license from the Chinese government. This provides security for users and also guarantees the best prices for China’s digital currency. Furthermore, the platform is free of charge and there are no transaction fees or deposit and withdrawal costs. However, it remains to be seen how the digital yuan will prevail in the crypto market. There are currently no course developments and data on this, as the test phase (as of November 2020) has only been completed. The Yuan Pay Group is currently the only authorized company in the world that offers the option of converting other currencies into the digital yuan. The forecasts are currently looking very good. Experts expect that the digital yuan will go through a similar development as the Bitcoin in the beginning.