China has officially adopted a cryptocurrency as a government-backed currency; it’s now backed by local banks, giving the currency stability and security, unlike the more volatile currencies in operation today.
China’s prime minister announced just today that unofficial cryptocurrencies still remain illegal in China and only official coins can be bought using the company YuanPay Group, who has been put in charge to sell, develop and manage the cryptocurrency.
Since this is recent announcement, current coin price is just 0.4871 THB per one coin. Experts think that if this news becomes mainstream, price of the coin will skyrocket, most likely surpassing bitcoin, which trades 258181.78 THB per coin as of today.
Two hours after China announced their adopted cryptocurrency, price have grown from 0.276 THB to 0.487 THB. YuanPay Group Representatives have recently announced they’ve opened a dedicated YuanPay Group International department in 195 countries. According to YuanPay Group representatives, China’s coin is available in Thailand.