Chinese Yuan (CNY) is the official currency of China and its Special Administrative Regions, including Hong Kong. It has been in use since the late 19th century and is managed by the People’s Bank of China (PBOC). The CNY was officially pegged to a basket of currencies from 2005 until it was replaced with a more market-based exchange rate system in July 2019.
The Chinese Yuan can be used for international payments by both individuals and businesses who are registered through local banks or financial institutions approved by PBOC. In addition, many global banks offer services such as foreign exchange trading on their websites for those looking to convert their funds into CNY.
In recent years, cryptocurrencies have grown significantly as an alternative form of payment. As such, some cryptocurrency exchanges now allow users to purchase digital assets using Chinese Yuan directly from their platform; however these transfers may require verification processes before they are accepted due to government regulations surrounding money laundering prevention efforts. Additionally, there are other ways that investors can obtain crypto via third party brokers or peer-to-peer networks which accept payments made in yuan without requiring additional verifications beyond basic identification information required when making any kind of transaction online today..
Finally, while there is no direct regulation governing domestic ownership or transfer of Bitcoin within mainland China at present time—the country does place restrictions on foreign entities transferring fiat currency out the nation’s borders which could potentially affect those seeking to buy BTC abroad with yuan obtained domestically .
