What is the difference between yuan and renminbi in the context of cryptocurrencies?

3 answers

• sayed9609Jul 29, 2024 · 2 years ago
  The difference between yuan and renminbi in the context of cryptocurrencies lies in their usage and representation. Yuan is the basic unit of currency in China, while renminbi is the official currency of China. When it comes to cryptocurrencies, yuan refers to the digital representation of the Chinese currency on blockchain platforms. Renminbi, on the other hand, represents the physical currency issued by the People's Bank of China. Both yuan and renminbi play a role in the crypto market, with yuan being used for digital transactions and renminbi being used for traditional fiat transactions.
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• oras01Dec 25, 2024 · a year ago
  Yuan and renminbi are often used interchangeably, but there is a subtle difference between the two in the context of cryptocurrencies. Yuan is the unit of account for digital transactions, while renminbi refers to the physical currency used in China. In the crypto market, yuan is used to denote the digital representation of the Chinese currency, which can be traded and exchanged on various platforms. Renminbi, on the other hand, is the physical currency issued by the Chinese government and is not directly involved in the crypto market.
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• Lauritsen BallJun 06, 2024 · 2 years ago
  In the context of cryptocurrencies, yuan and renminbi have different roles. Yuan is the digital representation of the Chinese currency on blockchain platforms, allowing for seamless digital transactions. Renminbi, on the other hand, refers to the physical currency issued by the People's Bank of China. While yuan is primarily used in the crypto market, renminbi is used for traditional fiat transactions. At BYDFi, we provide a platform for trading and exchanging yuan-based cryptocurrencies, enabling users to participate in the growing digital economy.
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