• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

China Wants its Digital Currency to Reach Greater Use

by CBDC Insider
January 18, 2022
in Asia, Business
Reading Time: 2min read
0
China Wants its Digital Currency to Reach Greater Use
Share on FacebookShare on Twitter

China is boosting its efforts to roll out its digital currency to the general population, as local tech giants such as Tencent and Alibaba join in with its use.

That said, there are a spectrum of challenges in the way of the widespread use of this online yuan.

The primary question is whether people across China who are already using two exceptionally popular mobile payments systems operated by Alibaba and Tencent will want to start paying with the new digital currency as well. According to the People’s Bank of China (PBOC), the central bank in the country, has been working on the development of an online form of its yuan since 2014.

RELATED STORIES

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

July 6, 2022
How Might Central Bank Digital Currency Affect Banks?

How Might Central Bank Digital Currency Affect Banks?

July 6, 2022

The online yuan is also called the e-CNY. Its design is meant to replace the physical coins and cash that are already in circulation. It’s important to note that it is not a cryptocurrency like bitcoin. For one thing, it is both issued and controlled by a central bank. This on its own breaks away from the very nature of cryptocurrency. Bitcoin, for example, is decentralized online coin that is not baked by any single administrator or central bank.

Many countries around the world have also been developing their own CBDCs, though the online yuan in China is far ahead of other nations.

Until now, the PBOC has been limiting the roll-out of its e-CNY. Its access has become available via lotteries until now. Currently, tens of millions of online yuan have been dispensed to citizens in a small number of cities across the country.

Authorities in China are now pushing harder to expand the use of e-CNY to a much higher number of Chinese citizens, even though the official national rollout date hasn’t yet been set.

“It feels to me like they’re now ready to push this out wider,” said Trivium China analyst Linghao Bao in a recent CNBC report.

Earlier this month, the PBOC launched an app for users within 10 specific regions, including major cities such as Beijing and Shanghai, allowing Chinese citizens to register to use the digital currency.

Read more

Previous Post

Malaysia Is Assessing Potential Benefits of a CBDC Adoption

Next Post

ConsenSys Partners Visa To Improve CBDC Tech

Next Post
ConsenSys Partners Visa To Improve CBDC Tech

ConsenSys Partners Visa To Improve CBDC Tech

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register