Crypto ban in China: China bans Digital Yuan-backed cryptocurrencies

Crypto tax evasion is a major US concern While on the other hand, President Xi is also very vocal about the countryࢀ™s blockchain priorities in the post-COVID-19 economic landscape. Now a legal draft proposes a ban on all Digital Yuan-backed altcoins and stable coins in order to ensure proper circulation and adoption. The ban does not affect other cryptocurrencies such as Bitcoin, Ethereum and Litecoin, etc. However, a ban on crypto trading is already been in effect within China since 2017. It appears that the latest legislative draft is put forth to ensure the full-throttle success of the Digital Yuan,…