The only recognized virtual currency in China is the digital yuan. The digital yuan is the official digital currency issued by the People's Bank of China, commonly referred to as digital yuan or DCEP. It is based on blockchain technology, enabling decentralized transactions, but unlike cryptocurrencies such as Bitcoin, the digital yuan is legal tender, having legally binding and mandatory characteristics, supported by national credit. In summary, the digital yuan, as the only recognized virtual currency in China, not only possesses the authority and security of legal tender but also enhances payment efficiency and convenience through blockchain technology, widely applied in various payment scenarios.
