China has the following virtual currencies in the crypto market
- Bitcoin$BTC
(BTC): Although not considered a legal tender, it is considered a virtual commodity.
- Ethereum$ETH
(ETH): Although not considered a legal tender, it is considered a virtual commodity.
- Yuan-backed stablecoin (CNHC): Considered a legal digital fiat currency.
- Digital Yuan (e-CNY): Considered a legal digital fiat currency and has been given legal status in China.
- Other virtual currencies and tokens: Although not considered a legal tender, they are considered virtual commodities.
China’s cryptocurrency market was previously one of the largest in the world, but the Chinese government has taken efforts to prevent the trading and mining of digital assets since 2017
