What is YCC? Yuan coin price prediction
Do you know that several countries have launched their own digital currencies? China is one of them, among the Bahamas, Nigeria, Venezuela, and India. China now has its own virtual currency, the e-yuan, created for political-economic and strategic reasons, as well as storage needs and equality with companies that offer digital platforms while at the same time monitoring its economy and population. In this article, we tackle the Yuan coin price prediction and also give you a general overview of this coin. Finally, you will find out where to buy yuan chain coins.
Before we look at the yuan chain coin price prediction it would be useful to grasp the main features of the yuan coin and its brief history.
What is the digital yuan?
The general idea is to replace the yuan, China’s national currency, in its physical form. Both currencies, yuan and digital yuan have the same function. It is distributed by national banks to their customers, under the control of the Chinese central bank. The first tests took place in April 2020 in cities chosen by the government.
The Chinese digital currency is an initiative of the Chinese central government called the DCEP (Digital Currency Electronic Payment). It was colloquially referred to as the “digital yuan,” launched in 2015. It’s a first for major economies.
So far, only Venezuela has crossed the rubicon by launching, in 2018, the petro. It’s a cryptocurrency backed by oil reserves to deal with the financial slump in which the country found itself. Unlike Venezuela, the e-yuan does not propose to be the answer to any crisis.
The e-yuan is controlled by the Chinese Central Bank, which issues the new electronic money. It allows the Central Bank to digitize banknotes and coins in circulation.
The reasons for the creation of the e-yuan are mainly politico-economic, strategic, and storage needs, according to the American daily Wall Street Journal.
Price of yuan chain coin – yuan coin price prediction
According to Market Cap, these are the latest real-time data at the moment of writing this article.
YCC Price Statistics
Yuan Chain Coin Price $0.00379
Price Change 24h -$0.0001553 3.94%
24h Low / 24h High $0.003783 / $0.003998
Trading Volume 24h No Data
Volume / Market Cap No Data
We suggest referring to CoinMarketCap for more real-time data regarding YYC.
As per the most recent analysis, the current sentiment is Neutral. The Fear and Greed Index shows 48.The value of the Yuan Chain Coin is predicted to rise by 19.72% and reach $ 0.004273 by March 8, 2023.
Now let’s take a look at the yuan coin price prediction for years to come.
Yuan coin price prediction 2023 – 2030
Expectations for YCC price in 2023 range from a minimum of $0.005 to a maximum of $0.006, with an average trading price of $0.006. In 2024, the predicted minimum value is $0.007, with a potential maximum of $0.008 and an average trading value of $0.008 in USD. For 2025, the lowest possible value is $0.011, while the highest possible level is $0.013, with an estimated average of $0.012.
In 2026, the price of YCC is estimated to be at least $0.016, with the potential to reach up to $0.018 and an average value of $0.016. For the following year, 2027, our technical analysis of past YCC prices suggests that the value could reach a minimum of $0.024, a maximum of $0.029, and an average trading price of $0.025.
In 2028, it is expected that the price of the YCC will have a minimum of $0.033 and a maximum of $0.041, with an average of $0.035. It is predicted that the YCC price will reach a minimum of $0.050 in 2029 and can go as high as $0.059 with an average of $0.052. For 2030, the lowest forecast is $0.078, with a maximum of $0.090 and an average of $0.077.
Can you buy digital yuan on Binance and other big platforms?
The digital yuan is not available to non-Chinese citizens, and investors are not able to directly buy or trade its digital currency. Since the digital yuan is simply a digitized version of the physical yuan, there are indirect ways for investors to invest in the China digital currency. So where to buy yuan chain coins?
To acquire Yuan Chain Coin (YCC), two transactions must be completed. The first step is to purchase either Bitcoin or Ether from an exchange that accepts debit card or bank account deposits. Then, the recently obtained crypto is traded for YCC on a platform that facilitates the exchange of Bitcoin or Ether for YCC. Coinbase and Huobi are some of the popular exchanges where YCC can be bought.
Is YCC a good investment?
Investors looking to enter the crypto market may find the Digital Yuan to be an appealing choice due to its government backing. It offers a higher level of safety than other freely traded cryptos. However, understanding the currency’s features and details is necessary before investing in it. Being informed is key to making the right decisions and going through the proper channels.
MEITUAN adopts E-CNY
The Chinese CBDC now supports smart contracts. The new feature was previewed on Meituan, a Chinese app offering retail and food delivery services.
Meituan users can link the YCC wallet to their app and use it for a range of daily services, such as booking hotels and taxis and paying in restaurants.
In 2022, the application registered 660 million customers. Therefore, the integration of Chinese crypto could promote its adoption.
Of course, an event was organized to celebrate the launch, with money to be won. So when Meituan users place an order and pay with their e-CNY wallet, a smart contract is triggered that searches for keywords and purchased items in their order.
If a user buys a product on the keyword list for the day, they are in the running to win part of a prize. Unsurprisingly, the prize is nothing more than a slice of a “red envelope.”
For its part, the YCC is developing on all terrains. Thus, it is accepted by 4.5 million merchants across the country. In total, more than 284 million transactions were carried out in e-CNY.
Political-economic reasons behind digital yuan creation
The US dollar is currently the reference for international economic exchanges. China, which is in an economic and technological conflict with the United States, refuses to depend on the American economy.
Alongside e-CNY deployment, the Chinese government introduced a series of new use cases. For once, the new feature is linked to the famous red envelope. This is frequently used by the Chinese government as part of the adoption of its CBDC.
Indeed, on July 11, 2021, the e-CNY wallet app introduced a new feature allowing users to send digital red envelopes in a bid to increase adoption ahead of the Chinese New Year. As a reminder, the red envelopes, also known as honbao, contain 8,888 yuan ($1,300) and are used when donating money, especially on the occasion of Chinese New Year.
Coin reserved for residents on a whitelist
If the application is now accessible to everyone in China, the Chinese digital currency remains in the test phase for the time being. In fact, the applications are, therefore, only useful for a part of the population registered on a “whitelist.” That is, mainly city residents chosen to test on a large scale that the system works.
Proof that Beijing wants to accelerate the deployment of its digital currency, the new application has been revised for users. Compared to its previous version, it offers a simplified interface so that users can quickly familiarize themselves with the “portfolio opening and management” protocols as well as with the forms “of exchange and circulation.”
It also offers an enhanced range of authentication functions by integrating, for example, facial and voice recognition. The icing on the cake, it now supports a larger number of partner financial institutions.
Yuan Chain Coin Vs. Bitcoin
By launching the e-yuan, China is not issuing another decentralized blockchain currency like a private player would. It supports the role of national banks by keeping them in the loop. In this, it does not operate a disintermediation of their function, but on the contrary. It allows them to widen and complete the range of their services.
The digital yuan will be regulated and “guaranteed” by the state, which is not the case with any virtual currency.
Therefore, China began to weigh on the circulation of Bitcoin. It is no longer possible to buy anything in cryptocurrency in the country. Bitcoin is tolerated only as a crypto-asset, a non-exchangeable asset in yuan or future e-yuan!
In Conclusion -Yuan Coin Price prediction
If you are still wondering if the yuan chain coin is a good investment, the answer is yes. Yuan chain coin is a promising crypto that could be a good investment in future years. It’s a secured, transparent, and nationally backed project. Before purchasing it, make sure you entirely understand the whole process. So refer to some of the mini guides on purchasing yuan chain coins before you open an account on a crypto exchange and invest in e-yuan.