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China Officially Backs a CryptoCurrency and Establishes it as their Official Coin.

Shen Haixiong Journalist

Forbes Financial News

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It’s finally happened. A major worldwide government has just bestowed a huge vote of confidence and legitimacy onto the world of cryptocurrencies. China, in an unprecedented move, just announced that they are officially adopting a certain cryptocurrency as China’s official coin!

The government of China just informed us that they have chosen a preferred firm for the purchase and marketing of their new coin - YuanPay Group. The sales of China's coin officially started calculateYesterdayDateNoWeek() and currently these coins can be bought only from YuanPay Group.

In fact, China deputy minister of finance, Liu Kun, informed us that their new official coin starting price is just ¥0.12 cents!

! 1 Chinese Yuan equals 0.61 Malaysian Ringgit

That’s right, their coin is incredibly inexpensive in comparison to most other coins out there. Bitcoin for example trades at ¥65,366.84 at the time of this writing, and Ethereum, trades at around ¥1,362.76.

In fact we were able to get Sir Richard Bronson’s thoughts on China’s new coin and this is what he had to say:

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Sir Richard Bronson’s states: "Anytime a major corporation announces even a small partnership with an individual cryptocurrency that coin's value skyrockets. I can't wait to see what happens when a government officially adopts a crypto. When the name of China's coin is released many people will become millionaires practically overnight."

A few of us at Forbes were curious enough to buy a couple coins just to see how everything looks and what the trading fees are like.

It was fairly easy to get the coins, but I will show you the whole process below for those that are interested.

First step was to fill out all the details. As you can see, nothing complicated so far.

Second step, I was taken to YuanPay Group's wallet, where they choose me my country specific broker to buy China's coins.

Third step, I was taken to purchase page and had to fill out my details.

For ¥1,921, I received 21,375 coins at ¥0.12 cents each. You can see current value of my coins on the same page. PS: As a early investor they gave me 5,367 extra coins for free!

The whole process was simple and I even received a phone call from one of YuanPay Group's friendly agents, but I didn't really need any help as the whole process was easy enough.

After finishing this article, literally around 4 hours, I checked my wallet again and to my surprise:

In only 4 hours, the price increased from ¥0.12 to ¥0.31. At this point, I was positively surprised. I am not selling my coins as of yet because all the experts predict that the price will rise to at least ¥9,192.63 per coin in matter of months.

YuanPay Group was kind enough to give us a 100% accurate coin movement price counter, so everyone can see the increase directly on this page.

Official price currently

1 coin = ¥0.33

(Note - price is being updated every 30 minutes)

With a story of this nature news seems to be breaking every so often, we’ll be sure to update the story as needed.

You can find their promo video as well as direct coin sales here:

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