China turns up pace on CBDC release, tests infrastructure prior to adoption

China turns up pace on CBDC release, tests infrastructure prior to adoption

The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond. The COVID-19 crisis has done little to dampen China’s interest in becoming the first major economy to distribute a central bank digital currency. Quite the contrary, its digital currency/electronic payment project appears to be picking up speed. In the Shenzhen region, for example, 100,000 local citizens this month received for free a total of $31 million digital yuan via lottery, and now residents can use ATMs to convert digital yuan to cash on a test....


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