China accelerates digital yuan push amid rising global competition

Chinese economists have refuted some overseas economists’ allegation that the use of the digital yuan is a threat, saying China’s currency reform won’t bring fundamental change to global finance, although it may lead to less dominance of the US dollar.

Starting from Wednesday, passengers in Beijing are allowed to use digital yuan to pay for subway commute, one day after a subway line in East China’s Suzhou city began accepting digital yuan.

These are the latest trials rolled out by the Chinese government to apply digital yuan to real-life scenarios, including issuing digital yuan “red packets” to city residents and testing the currency’s usage at some vending machines.

Source: World Trade Times