China digital currency

China digital currency

China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan. Unlike cryptocurrencies such as bitcoin, which are not cent

Show more
China's digital currency is preparing for takeoff and global dominance
China’s ambitions to launch a sovereign digital currency have moved a step closer after a large-scale US$3 million trial.  The country’s central bank has been pushing toward a cashless future for several years, and this latest pilot, held in December in Suzhou - a major city near Shanghai - was further proof a full nationwide rollout of the digital yuan is not far off.  Organizers said almost 20,000 purchases were made using the digital yuan, known officially as the Digital Currency Electronic Payment (DCEP) in the trial. Unlike bitcoin, the digital yuan is not a cryptocurrency and is issued by China’s central bank, the People’s Bank of China (PBOC).  The currency is designed as a digital v
China takes one more step toward digital national currency
People in China spent $1.3 million in over 62,000 transactions during a week-long trial of the country’s most extensive test of its sovereign digital currency. The currency, managed by the Chinese central bank, could potentially facilitate transactions and promote the international use of the Chinese yuan. It will also give officials more power to track the flow of money in the world’s second-largest economy. The southern tech hub of Shenzhen, where the test took place, said 47,573 people selected by lottery received a $30 cash gift, known as a red packet, in the digital currency. A total of 1.9 million residents applied to take part in the $1.49 million giveaway. People spent the money at 3