What are the advantages of using the CNY currency code for cryptocurrency transactions?

3 answers

• Nov 23, 2021 · 3 years ago
  Using the CNY currency code for cryptocurrency transactions offers several advantages. Firstly, it provides a direct connection to the Chinese market, which is one of the largest cryptocurrency markets in the world. This allows for easier access to Chinese investors and traders, potentially increasing liquidity and trading volume. Additionally, using the CNY code can help reduce transaction costs and currency conversion fees, as it eliminates the need to convert between different fiat currencies. Lastly, using the CNY code may also provide a sense of familiarity and trust for Chinese users, as they are already accustomed to using CNY in their daily lives.
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• Nov 23, 2021 · 3 years ago
  The CNY currency code can be a strategic choice for cryptocurrency transactions. By leveraging the Chinese market, traders can tap into a vast pool of potential investors. This can lead to increased trading opportunities and potentially higher profits. Furthermore, using the CNY code can simplify the process of conducting transactions with Chinese exchanges, as it eliminates the need for currency conversion. This can save time and reduce the risk of currency fluctuations. Overall, using the CNY currency code can provide a competitive edge in the cryptocurrency market.
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• Nov 23, 2021 · 3 years ago
  From BYDFi's perspective, using the CNY currency code for cryptocurrency transactions can be advantageous. It allows BYDFi to cater to the needs of Chinese users and provide them with a seamless trading experience. By supporting the CNY code, BYDFi can attract Chinese traders and investors who prefer to use their local currency. This can help BYDFi establish a strong presence in the Chinese market and gain a competitive advantage over other exchanges. Additionally, using the CNY code can simplify the process of depositing and withdrawing funds for Chinese users, as they can avoid currency conversion fees.
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