Yuan Chain Coin (YCC) is a cryptocurrency that runs on the Ethereum network. On most cryptocurrency exchanges, you’ll need Bitcoin (BTC) or Ethereum (ETH) in order to trade forYuan coin. However, some newer exchanges will allow you to trade directly with fiat currencies like US dollars (USD).
More and more investors are seeking methods to get exposure to the Chinese currency as China’s economy grows more important in global trade and the yuan continues to gain acceptance.
While the yuan is still somewhat restricted in its movements and not yet entirely freely convertible, it is quickly approaching such status and becoming more accessible to investors. Investors may invest in the Chinese currency in a variety of ways, including obtaining yuan directly and keeping it as cash, investing in funds that hold the Chinese currency, and purchasing Digital Yuan futures contracts.
Crucial to adding YCC to your investment portfolio is knowing how to buy Yuan Chain Coin and the legit outlets supporting the coin. Let’s first go into a brief description and background of the YCC.
Today’s Yuan Chain Coin price is $0.002924 with a 24-hour trading volume of $37,067.42. Yuan Chain Coin is up 7.09% in the last 24 hours. The current CoinMarketCap ranking is #4397, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
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What is Yuan Chain Coin (YCC)?
China is arguably leading the world in developing a national digital currency, a project it has been working on since 2014.
The People’s Bank of China (PBOC) has been leading the charge on the digital yuan, a so-called central bank digital currency (CBDC) intended to replace some of existing cash.
In the world’s second-largest economy, real-world testing is already underway. What we know so far about China’s digital yuan, also known as the Digital Currency Electronic Payment (DCEP), is listed below.
China’s electronic currency is the digital Yuan. This currency, also known as e-CNY or e-RMB, or e-yuan, competes with cryptocurrencies, corporate payment systems, and mobile payment apps.
China’s digital currency is a way for the country to transition its cashless transactions from paper bills and coins to electronic money. As a result, the physical yuan is now a digitized replica of the virtual yuan.
The Chinese yuan vs. renminbi is a subtle difference to be aware of.
- Renminbi: the official currency of China
- Yuan: A renminbi is a basic unit of China’s currency; it’s frequently used as a catch-all expression for China’s economy.
How does the Yuan Chain Coin Work?
There are two questions to consider: distribution and how it will be spent. The digital yuan is a digitized version of the physical yuan.
The PBOC will offer China’s digital currency, the Petro, through a two-tier system. This implies that commercial banks will be able to receive the digital yuan from the PBOC. The commercial banks will be in charge of delivering currency to consumers. This can include services that allow consumers to trade their coins and money for digital yuan.
Because of this, the Chinese digital currency operates similarly to banknotes and coins, albeit in a digital form. As a result, the digital yuan may possibly become a substitute for real cash in the future.
Many cities in China have been provided with millions of dollars worth of YCC by the local government. Users received access to the digital Yuan through a mobile app. Users who download the app to obtain currency are considered user acquirers. First, JD.com, one of my major e-commerce firms in China, got involved by allowing clients to purchase items using its digital Yuan.
The Yuan Chain Coin vs. Cryptocurrency
While the two asset classes may appear similar at first, they have several key differences. For example, cryptocurrencies are often decentralized while the digital yuan will be centrally controlled by the Chinese government.
The biggest distinction between Digital Yuan and other cryptocurrencies is that it has legal standing. The digital Yuan currency may be used as a payment method or treated as a legal currency.
Additionally, cryptocurrency prices can be quite volatile while the digital yuan’s price will likely be more stable since it will be backed by the Chinese government.
Another distinction between a regular cryptocurrency and a digital yuan is anonymity. While the use of existing cryptocurrencies varies depending on the coin, the Chinese government will be aware of its usage in their economy.
What is the Yuan Pay Group?
Yuan Pay Group is a digital currency exchange that enables customers to trade and invest in digital currencies, especially the virtual Yuan. It’s intended to serve 1 billion people in China and facilitate and promote the e-Yuan Project, a cryptocurrency payment solution for Yuan-backed transactions. Today, Yuan Pay Group is one of the few government-approved vendors of e-Yuan, China’s official digital currency.
Where can you buy Yuan Chain Coin?
To purchase Yuan Chain Coin (YCC) with money from your bank, you must complete two transactions. You’ll buy BTC or ETH on an exchange that accepts debit card or bank account deposits, and then you’ll trade your newly acquired crypto for YCC on a marketplace that trades bitcoin or Ether for YCC. Coinbase and Huobi are two popular exchanges where you can buy Yuan Chain Coin.
How to Buy Yuan Chain Coin on Coinbase
Step 1. Setup your Coinbase account
Although Coinbase has both iOS (iPhone) and Android apps, you’ll need to set up your account on a desktop or laptop computer first.
Step 2. Make your first purchase of Bitcoin (BTC) or Ethereum (ETH) at Coinbase
Coinbase allows users to get started with investing in bitcoin quickly and efficiently. All you have to do is go to your BUYS pages and pick the currency you wish to purchase.
Step 3. Use your Bitcoin or Ethereum investment to purchase Yuan Chain Coin (YCC)
- You will need to transfer your BTC or ETH investment to another cryptocurrency exchange. You may currently acquire Yuan Chain Coin (YCC) on a variety of cryptocurrency exchanges like Huobi Global, Hotbit, and HitBTC.Once you have your trading account set up at one of the exchanges that trade Yuan Chain Coin (YCC). This is done via a wallet system.
- You will need your BTC or ETH wallet ID to exchange Yuan Chain Coin (YCC) at the market where you want to buy it. The DEPOSIT button is next to BTC or ETH on most trading platforms. When you click it, you should be able to see (or be given a button to create) your wallet ID. This identifier is unique to your account.
- When your transaction has been confirmed, it should appear in your exchange’s account and be available to use immediately to acquire Yuan Chain Coin (YCC).
- If you bought Ethereum (ETH) from Coinbase, search for the YCC/ETH investment.
For Bitcoin look for YCC/BTC.
You should now see the YCC market.
- Check the price of 1 YCC and decide how much you want to buy. Look at the order book to get an idea of the current buy and sell orders.
- If everything looks good, enter your bid price and click BUY (or whatever the button says).
You have now completed your first purchase of Yuan Chain Coin (YCC)!
How to Buy Yuan Chain Coin on Huobi
Huobi Global has over 500 different cryptocurrencies available for trading. Huobi Global offers 57 local currencies and 60 payment options, making it one of the most user-friendly exchanges for purchasing $YCC coins.
Step 1. Register Huobi Global account
The first step is to open an account on the Huobi Global website and verify your email address.
Step 2. Set up 2-factor authentication (2FA)
Once you’re logged in, click on ‘Security’ in the top menu and then ‘Enable’ under Google Authenticator.
This will bring up a QR code which you need to scan with the Google Authenticator app on your phone.
Enter the code from the app into the Huobi Global website and click ‘Submit’.
Step 3. Deposit funds into your account
Click on ‘Balances’ in the top menu and then ‘Deposit’.
You will now see a list of all the cryptocurrencies that you can deposit into your account.
For this guide, we will be depositing Ethereum (ETH) so click on the ‘Deposit’ button next to it.
Step 4: Buy Yuan Chain Coin (YCC)
- Click on ‘Exchange’ in the top menu and then select the ‘Basic’ trading view.
- Use the search box in the top right corner to find the YCC/ETH trading pair.
- Click on it to open up the order book, charting tools, and buy/sell orders.
- To buy Yuan Chain Coin (YCC), click on the ‘Buy YCC’ tab.
- Enter the amount of ETH that you want to spend or the amount of YCC that you want to buy and then click on the ‘Buy YCC’ button.
- This will open up a new window asking you to confirm your trade.
- Click on the ‘Confirm Buy’ button.
Your order will now be placed and will show up in the ‘Open Orders’ section at the bottom of the screen.
- Once your order has been filled, it will show up in the ‘Trade History’ section.
You have now successfully bought Yuan Chain Coin (YCC) and you can now start trading the digital asset.
Pros and Cons of the Yuan Coin
Pros of Yuan Coin
- Consumer efficiencies: Consumers do not need to use numerous applications for several functions, such as transportation and several commercial transactions, because one digital asset may be used by everyone.
- Consumer savings: A digital yuan, for example, might enable consumers to avoid or even eliminate fee-based transactions such as wiring and business applications.
- Quality data collection: The PBOC may more effectively collect economic data and compute statistics by electronically recording transactions.
- Detection and prevention of crime: The capacity to track transactions may assist in the prevention of counterfeiting and unlawful money flow, such as terrorist financing and money laundering.
Cons of Yuan coin
Lack of anonymity: Unlike other cryptos, the circulation of China’s digital assets will not be private, as the country’s central bank and government will be able to track transactions.
Increased competition: This may benefit the Chinese government, but the competition in mobile payments could harm firms like Alibaba (BABA) and Tencent (OTCPK:TCEHY), which make money through their digital payment services.
Should I buy Yuan Chain Coin?
We are not able to provide investment advice, and we recommend that you exercise extreme caution when dealing with cryptocurrencies. If you want to trade in Yuan Chain Coin (YCC), Huobi Global is a trustworthy cryptocurrency platform that supports $YCC coins.
Final Thoughts
The yuan coin offers many benefits to both the consumer and the government, but it also has some drawbacks,.Yuan Chain is a new generation foundation public chain for commercial use. The Yuan chain has all of the characteristics of a public blockchain, as well as the privacy features of a permitted chain.
