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China's central bank- The People's Bank of China will get the freedom to record every single transaction with high accuracy in real-time with the help of the Digital Yuan. Digital Yuan is highly centralized, unlike cryptocurrencies like Bitcoin, which are completely decentralized and can be used in incognito mode all around the world. China has begun trials in some cities, including the south of Beijing, Suzhou, and Chengdu. The central authorities are vigorously pushing the new currency in some areas where events for the 2022 Beijing Winter Olympics are to be held.