Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have one thing in common. They all have banned cryptocurrency.
Forty-two other countries, including Algeria, Bahrain, Bangladesh, and Bolivia, have implicitly banned digital currencies by putting restrictions on the ability for banks.
China is a prominent of them all countries which banned the crypto currencies for a reason. China was working on the Digital Yuan project from 2014. It recently launched the android and iphone app for the transactions in Digital Yuan.
However, it is not the decentralized crypto currency. It is the currency issued by the Central bank to its member banks and then by member banks to the common citizens of the country. It is no different than the official currency of China.
To promote the use of e-CNY, China is rewarding some of its citizens. They are offering it free to them. Some of the e-Commerce giants are accepting it as the mode of payment but it is still far from the reality. It is not yet rolled out nation-wide.
The newly rolled out app is very similar to Alipay and WeChat which do more or less the same work for the citizens.
Now it is interesting to note how these apps actually compete with each other and finally who survives ?
