China could be one of the first countries in the world to have its own virtual currency
Trials with the digital yuan have all but come to an end, according to the Chinese Central Bank's announcement.
REUTERS - Dado Ruvic
Text by: RFI Follow
2 min
Trials with the digital yuan have all but come to an end, according to the Chinese Central Bank's announcement.
Over $ 5 billion has already been traded.
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While the Chinese are very fond of paying for their purchases with their smartphones, the digital yuan may soon become their new means of electronic payment.
The virtual national currency could potentially replace the banknotes bearing the essential Mao image.
Xi Jinping's government has been thinking about it since 2014. In recent months, experiments have accelerated.
Over $ 5 billion in transactions have been completed.
Expected start in 2022
If the Chinese Central Bank says it does not have a specific timeline for its launch, the digital yuan could make its debut at the Beijing Winter Olympics in 2022. Visiting foreigners could use it without having to open an account banking in the country.
In addition to China, the European Central Bank this week announced a two-year pilot project to introduce the digital euro.
If private cryptocurrency projects exist like Facebook's libra, only the Bahamas officially have a national digital currency.
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To read also:
Bitcoin: a currency of the future?
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