NEWS

Digital Yuan Gets a ‘Lackluster’ Welcome at Biggest Test Site

Source: Adobe/S.Gvozd

A report has concluded that China’s digital yuan has failed to impress in early large-scale pilots, drawing a “lackluster reception” from participants – a fact that could throw up “hurdles to yuan internationalization.”

Bloomberg stated that it had interviewed a number of digital yuan users in Shenzhen, the city that has recently hosted the People’s Bank of China (PBoC)’s biggest central bank digital currency (CBDC) pilot to date (involving half a million eligible pilot digital RMB users). The media outlet claimed that the participants it interviewed “showed little interest in switching” to the digital RMB from mobile payment platforms such as Alipay and WeChat Pay, adding that some interviewees “balked at the possibility” that the digital yuan “might give authorities easier access to real-time data on their financial lives.”

The PBoC is operating fast-paced trails at a number of Winter Olympics sites, with the clock ticking down to next year’s games, to be held in Beijing in February 2022. The central bank has already stated that it expects both domestic

Read More  An important battlefront to gain wallet share and mind share

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button