Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters
Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters

China digital currency: US ‘worried’ as it falls ‘behind the curve’ in race for financial technology innovation

  • The People’s Bank of China have been conducting experiments and tests of its sovereign digital currency for more than five years
  • The Biden administration has finally shown support for research into the viability of a digital US dollar for the first time

Knowledge |   China's digital currency
Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters
Over 2 billion yuan (US$307 million) has been spent by Chinese consumers using the new digital currency in 4 million transactions with retail shops, restaurants and online in four major test cities in the past year. Photo: Reuters
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