The only officially recognized virtual currency in China is the digital renminbi. The digital renminbi is the official digital currency issued by the People's Bank of China, commonly referred to as the digital renminbi or DCEP. It is based on blockchain technology, enabling decentralized transactions; however, unlike cryptocurrencies such as Bitcoin, the digital renminbi is a legal tender, possessing legal enforceability and compulsion, supported by national credit. In summary, the digital renminbi, 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 used in various payment scenarios.

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