China has given away millions in its digital yuan trials. This is how it works
The People’s Bank of China has been developing the digital yuan, a so-called central bank digital currency (DCEP) that aims to replace some of the cash in circulation.
China has already started real-world trials for the digital currency in a number of cities including Shenzhen, Chengdu and Suzhou.
The digital yuan could increase competition in China’s mobile payments market which is dominated by Ant Group’s Alipay and Tencent’s WeChat Pay.
The digital yuan is different from Bitcoin, which is a so-called decentralized cryptocurrency. That means that it is not controlled by any central authority like a central bank, unlike the digital yuan which will be issued by the PBOC.
Source: CNBC #Mar04
https://www.cnbc.com/2021/03/05/chinas-digital-yuan-what-is-it-and-how-does-it-work.html
#DigitalYuan #China #DCEP #Bitcoin
The People’s Bank of China has been developing the digital yuan, a so-called central bank digital currency (DCEP) that aims to replace some of the cash in circulation.
China has already started real-world trials for the digital currency in a number of cities including Shenzhen, Chengdu and Suzhou.
The digital yuan could increase competition in China’s mobile payments market which is dominated by Ant Group’s Alipay and Tencent’s WeChat Pay.
The digital yuan is different from Bitcoin, which is a so-called decentralized cryptocurrency. That means that it is not controlled by any central authority like a central bank, unlike the digital yuan which will be issued by the PBOC.
Source: CNBC #Mar04
https://www.cnbc.com/2021/03/05/chinas-digital-yuan-what-is-it-and-how-does-it-work.html
#DigitalYuan #China #DCEP #Bitcoin