The short answer is no, at least not yet. The People’s Bank of China (PBOC) has been working on a central bank digital currency (CBDC) for several years now, but it’s still in the testing phase and not available to the general public.
When it does launch, it’s unlikely that it will be available on Coinbase or any other major cryptocurrency exchange.
The PBOC first started researching a CBDC back in 2014. In 2017, it set up a special research group to explore the possibility of issuing a digital version of the yuan.
Then, in 2019, the central bank announced that it was working on a prototype of the digital yuan.
However, the project is still very much in the experimental stage. The PBOC has been working with a number of commercial banks and other financial institutions to test the digital currency.
It’s also been conducting test transactions using the digital yuan. So far, there’s no word on when the digital yuan will be launched or what it will be used for.
Some have speculated that the digital yuan could be used as a tool to combat money laundering and other financial crimes. Others believe that it could be used to replace cash entirely.
However, it’s still too early to say what exactly the digital yuan will be used for.
In any case, it’s unlikely that you’ll be able to buy digital yuan on Coinbase or any other major cryptocurrency exchange anytime soon. The PBOC is still testing the waters and has not announced any plans to launch the digital currency.
Even if it does launch the digital yuan, it’s unlikely that it would be made available on Coinbase or any other major exchange. So, for now at least, you won’t be able to buy digital yuan on Coinbase.