Basics of Chinese Currency RMB is an abbreviation for 'Ren Min Bi', which means 'People's money' . Yuan is the base unit of RMB just as Dollar in USD. (1 RMB = 10 jioa = 100 fen) Chinese money comes by two names: Renminbi is the name of the currency and yuan refers to its primary unit. Renminbi is the official currency of China and act as a medium of exchange, but the yuan is the unit of account of the country's economic and financial system. Reasons behind launching e-RMB Replacing the dollar - A soverign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level. China has successfully achieved Trade Globalisation, Economic Globalisation, and Military and Geo-strategic Globalisation, but it has failed to achieve Financial Globalisation. Without Financial Globalisation it is not possible to replace the Dollar as the World...

Before we delve into cryptocurrency and Bitcoin, there are some fundamental concepts which needs understanding. What is Cryptocurrency? A digital asset designed to work as a medium of exchange. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Cryptocurrency is used cryptography to- Control creation of additional units Secure its transactions Verify the transfer units (These are the functions that fiat currencies do through the main stream channel) What is Digital Currency (or Digital Money or Electronic Money or Electronic Currency)? Any currency that is present only in a digital form but not in the physical form (like notes and coins) is a digital currency. It will be like physical money with instantaneous transaction and borderless transfer of ownership e.g. cryptocurrencies and virtual currencies. Digital currencies can be used to buy physical goods a...