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 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