Yuan Pay Group Releases Yuan Pay Coin, And Investors Are Going All-In Yuan Pay Group announced its latest addition to the decentralized currency portfolio called the Yuan Pay Coin.
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Yuan Pay Group announced its latest addition to the decentralized currency portfolio called the Yuan Pay Coin.
It marks a highly anticipated release of the Chinese CBDC-backed cryptocurrency. The market greeted the token with a price appreciation of 32% within the first few hours of trading.
Currently, Yuan Pay Group is the only company licensed to issue Yuan Pay Coins or other Chinese-backed CBDC. The company aims to bring stability, safety, and reliability to the digital currency industry.
The current market conditions dictate that investors continue looking for more exotic portfolio diversification opportunities, and Yuan Pay Group offers a welcoming addition. Market indices have been unstable since the beginning of the year, and individual stock performance is even less predictable.
To date, the cryptocurrency portfolios outperform traditional stocks by a large margin; thus, more conservative investors are putting part of their holdings into assets, such as the Yuan Pay Coin.
"With Central Bank Digital Currencies, there is a limited risk factor with enhanced upside potential. Whenever a nation provides support to any asset, effectively the risk of it tumbling below the initial offering price is negligible; however, the asset continues to enjoy the same potential for a huge upswing in price.", commented J. Rickshield, an economist.
China's smoking-hot IPO markets are already producing a new billionaire every week; thus, any asset release coming from the East is important news to the market.
Digital Yuan and Yuan Pay Coin also provide additional support to the lending economy of China. Financial institutions will use smart contracts built inside the tokens to accurately verify a person's holdings when taking out a loan. Currently, China suffers from a long-standing bad debt problem where a borrower takes out multiple loans using the same collateral. Digital Yuan and Yuan Pay Coin aim to fix the issue.
Bitcoin has gone from a few cents to over $65,000 within a matter of years. Where will the Yuan Pay Group's coin go?
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
