He added that while the digital yuan may see a use case for investments or trading, it isn’t meant to replace or challenge the US Dollar and the Euro.
Local media outlet Global Times reported the news on Sunday, December 13. While a number countries have begun exploring and developing central bank digital currencies, China’s efforts represent the most advanced effort to date from a major nation, with the potential to be used by billions of people.
The residents of the country actively participated in the trial of its digital currency in Suzhou, a city in East China’s Jiangsu Province and the largest online payment reportedly surpassed 10,000 Yua 80% of the participants for the trial were made by the younger generation who were born between 1980-1990.
The fintech subsidiary of the platform, JD Digits, confirmed that transactions with the digital currency were faster. Almost 80% of the transactions were made by the younger generation of post-80s and 90s. In the latest development, close to 20,000 transactions were paid for with Digital Yuan within 24 hours through e-commerce company JD.com as it conducted a real-world trial.
