Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report
The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.
Central bank digital currencies can have broad implications for the global balance of power, experts say.
Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.
A CBDC is a central bank digital currency, a new type of money governments are experimenting with that often has blockchain at its core.
Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay. The digital yuan may be China’s attempt at a solution.
The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.