China’s digital currency (CBDC), issued by the People’s Bank of the Asian country, has already penetrated 15 provinces, resulting in more than 369 million payments with this new financial instrument.
The PBOC recently issued a report, which reflects more than 100 million transactions. Although testing with CBDC continues, it is currently accepted by 5.6 million merchants in China.
To encourage the adoption of the digital yuan, the financial authority has drawn up several subsidy campaigns. In this regard, they have underlined: “These initiatives aim to stimulate consumption, combat the negative effects of the Covid-19 pandemic and promote low-carbon transport.”
The commitment of the Chinese government is broad and ambitious, focusing on the introduction of its CBDC in the financial and corporate sectors, in addition to proposing the payment of taxes in digital currency.
Unofficially, information has been leaked about an alleged conversation with Alipay and WechatPay, in order to link them to the digital yuan. About it, time will give the answer about the veracity of this strategy.
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