China’s digital currency aims to leave the rest of the world in the dust

China’s digital currency aims to leave the rest of the world in the dust (Source axios.com)

China is already test-driving the future of finance while the rest of the world is stuck trying to get its learner’s permit. Over the past two weeks Chinese authorities in cities like Shenzhen and Chengdu have given out the country’s brand new digital renminbi currency and are urging even faster rollout of the token nationwide. The country’s central bank has distributed the currency to “lottery” winners who are reportedly spending it at thousands of retailers, including local supermarkets and pharmacies and even Walmart. “We must serve dual circulation with fintech-led innovations,” Chen Yulu, deputy governor of the People’s Bank of China, said in an article published on Sunday in the PBOC-run China Finance magazine. “We must build an independent and high-quality financial infrastructure … quicken the pace of research and development of the central bank digital currency, and ensure that pilot tests show [the digital currency] is controllable and safeguards the security of payments.”

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