As cryptocurrency adoption continues to gain traction across the globe, the People's Bank of China ("PBOC") said it will steadily push forward with research and development of its digital yuan, ForexLive reports. The digital yuan is a central bank digital currency ("CBDC") that is issued and regulated by the PBOC, whereas cryptocurrencies like Bitcoin ((BTC-USD -1.5%)) and Ethereum ((ETH-USD -4.1%)) are decentralized with no central regulatory authority. El Salvador became the first country to adopt Bitcoin (BTC-USD) as legal tender, while Ukraine is the latest country to legalize and regulate cryptocurrency, CNBC reports. China's digital renminbi is already in a trial stage and will be introduced at the upcoming Winter Olympics in Beijing, the Financial Times noted. If digital asset adoption continues to expand, other central banks will face more pressure to "act now", especially since "stablecoins and cryptoassets are already here," the Financial Times reports, said Benoit Coeure of the
