Official Chinese Crypto currency?

I’d be very suspicious of it. It’s promoting itself as a crypto currency exchange operating in China, yet when I looked mandarin isn’t even offered as a language on their website? Doesn’t add up. No white paper in sight either. Plus if it was legitimate it sounds like it would be heavily centralised, and I don’t really like the idea that the Chinese government could step in and freeze accounts or confiscate funds.
 
scam.

also not much point in "investing" in a digital yuan as its pegged to the yuan, bit like investing in usdc hoping it will moon with usd.
 
Appreciate the responses, reason i was asking as when i was looking it up I found the below positive, and only 1 negative (in bold) articles/reviews. the negative one does seem to suggest that whilst there may be a legitimate one, there are many scams as well

https://www.economywatch.com/bitcoin-robot/yuan-pay-group
https://www.coininsider.com/yuan-pay-group-review/
https://trustpedia.io/trading-robots/yuanpay-group/
https://criptoeconomia.com.br/en/yuan-pay-group/
https://www.entrepreneur.com/article/394218

https://scamcryptorobots.com/yuan-pay-group-review-scam/
 
Bullion_ron said:
Appreciate the responses, reason i was asking as when i was looking it up I found the below positive, and only 1 negative (in bold) articles/reviews. the negative one does seem to suggest that whilst there may be a legitimate one, there are many scams as well
Click to expand...

You have to be careful who you listen to.

"Economy Watch" is a nobody in the crypto game. Scroll down to the "About Us" link at the bottom of the page and the name Dassos Troullides pops up. Click on his name to get some background info and guess what? "Page not found".

Visit coininsider.com and you'll find it is just a media site where:

All the content and material displayed on the Website are merely opinion, independent review pieces or news articles and are provided on a “as is” and “as available” basis.
Click to expand...

They're also nobodies publishing media stories written by nobodies, much like most of ZeroHedge and RT. Most of those sites just publish stories that are sent to them from the parties involved ie just advertising.

You're doing the right thing asking here, and also check out the respected names in the space on Youtube like "InvestAnswers", "Coinbureau" and others.
 
Bullion_ron said:
https://yuanpayteam.com/

Thoughts? Worth investing?

Saw this randomly and was wondering if y'all think it would be a good idea
Click to expand...


No idea who yuanpay is..... Just looking at that site looks like a scam

But if you are looking at the investing in "real" Official Digital Yuan, remember it is a REAL currency, so why would you invest in it unless you are currency trader?

If digital yuan behaves like bitcoin/eth/Shibu/Doge, it would be a total failure.

Because real currency have to behave like real currency!

Case in point, Ask yourself and anyone you know (stay within people who are into crypto) why they buy Bitcoin or any other coin/token etc..... 99.99999999% will say to make money when value goes up.

Much like why do people buy gold/silver 99.99999999% will say to make money when value goes up.

No one buys and keeps BTC/ETH/Gold/Silver/Shares/oil/wood so they can go to local store and buy everyday essentials.

(Of course some smart arse will say I can buy so and so with BITCOIN.... But yeah really who actually uses BTC to buy online soap, meat, friuts and canned food and has it delivered to them on a regular basis for the average person)

Digital Currency is not a currency and very few actually thinks it is, vast majority (me included) look at it as an investment product (everyone can decide for themself if it is speculative or not)
 
Last edited:
The prestigious editorial Financial Times listed China's new official cryptocurrency among its TOP 10 technological revolutions in the 21st century. According to the publication’s chief editor, digitalized currency has the potential to end money-laundering and fraud, and expects digital currency to quickly become the norm for other countries as well, particularly after they see the potential and strong value China generates with its own new currency.

financial-times.webp
 
fake o, just like SQUID
its not Yuan and nothing to do with China,
remember China banned all these, except the government own digital Yuan, legal currency in China
China paper is The Global Times
 
Ipv6Ready said:
No idea who yuanpay is..... Just looking at that site looks like a scam

But if you are looking at the investing in "real" Official Digital Yuan, remember it is a REAL currency, so why would you invest in it unless you are currency trader?

If digital yuan behaves like bitcoin/eth/Shibu/Doge, it would be a total failure.

Because real currency have to behave like real currency!

Case in point, Ask yourself and anyone you know (stay within people who are into crypto) why they buy Bitcoin or any other coin/token etc..... 99.99999999% will say to make money when value goes up.

Much like why do people buy gold/silver 99.99999999% will say to make money when value goes up.

No one buys and keeps BTC/ETH/Gold/Silver/Shares/oil/wood so they can go to local store and buy everyday essentials.

(Of course some smart arse will say I can buy so and so with BITCOIN.... But yeah really who actually uses BTC to buy online soap, meat, friuts and canned food and has it delivered to them on a regular basis for the average person)

Digital Currency is not a currency and very few actually thinks it is, vast majority (me included) look at it as an investment product (everyone can decide for themself if it is speculative or not)
Click to expand...
Very informative reply, thanks
 
alor said:
The prestigious editorial Financial Times listed China's new official cryptocurrency among its TOP 10 technological revolutions in the 21st century. According to the publication’s chief editor, digitalized currency has the potential to end money-laundering and fraud, and expects digital currency to quickly become the norm for other countries as well, particularly after they see the potential and strong value China generates with its own new currency.

financial-times.webp
Click to expand...
Yeah it was reports like this that piqued my interest
 
alor said:
fake o, just like SQUID
its not Yuan and nothing to do with China,
remember China banned all these, except the government own digital Yuan, legal currency in China
China paper is The Global Times
Click to expand...
Wait I'm getting mixed messages from your two replies...
 
mmm....shiney! said:
You have to be careful who you listen to.

"Economy Watch" is a nobody in the crypto game. Scroll down to the "About Us" link at the bottom of the page and the name Dassos Troullides pops up. Click on his name to get some background info and guess what? "Page not found".

Visit coininsider.com and you'll find it is just a media site where:



They're also nobodies publishing media stories written by nobodies, much like most of ZeroHedge and RT. Most of those sites just publish stories that are sent to them from the parties involved ie just advertising.

You're doing the right thing asking here, and also check out the respected names in the space on Youtube like "InvestAnswers", "Coinbureau" and others.
Click to expand...
Thanks for the heads up
 
Notice all websites with the exception of 2 belong to the same company. They are called Finixio and they are total scammers, just google them. One of the two is a sponsored article so that is not something to be looked at seriously. In fact, it should not even be on the list if you ask me. That leaves one website which seems to provide the right details. The one in bold.
 
You must log in or register to reply here.
Back
Top