![]() ![]() The timeline for a nationwide launch has not yet been announced, but Beijing has tried many ways of marketing the currency. The world’s second largest economy has been trialing the digital yuan in Chinese cities since 2020, as it prepares for a national rollout that could put China ahead of Europe and the United States in the global race to develop a state-backed digital currency, which is also known as central bank digital currency (CBDC). ![]() The Beijing Olympics won't be the splashy launch China wanted for its digital currencyĬhina is already on the verge of becoming a cashless society, but the vast majority of electronic transactions happen on privately owned apps (Alipay and WeChat Pay), outside of the immediate purview of the state.Īn official yuan would change that, giving Beijing an unprecedented amount of information about what people are spending their money on and where. Since last October, Changshu has been paying the transit subsidies for some government employees in digital yuan.ĭigital yuan, or E-CNY, is accepted at Beijing 2022 licensed product official store in the Main Media Center (MMC) for Beijing 2022 Winter Olympics on Januin Beijing, China. Like cryptocurrency, the digital yuan incorporates some elements of blockchain technology: Every transaction is recorded and traceable in a digital ledger. Government employees as well as staff at state-owned companies and public institutions such as schools, hospitals, libraries, research institutes and media organizations in the city will be affected.Ĭhangshu, a city of 1.7 million residents, was already experimenting with the digital yuan, a form of money that exists only online and is managed and backed by China’s central bank. This is the biggest rollout of the currency, also known as the e-CNY, in China so far, according to state media. Public sector workers in an eastern Chinese city are set to be paid fully in digital yuan, as the country makes a significant push to popularize the currency.Ĭhangshu, located in the province of Jiangsu, will start the new payment process in May, according to an official document widely posted on government websites. ![]()
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