Tags: China | Money | digital currency | cryptocurrency | renminbi

China Starts Circulating New Digital Currency

100 rmb bank note is shown
A Chinese 100 renminbi note is held up in front of old bank buildings in the historic bund area of Shanghai, China. (Mark Ralston/Getty Images)

By    |   Wednesday, 14 October 2020 09:30 AM

China has begun to distribute and circulate its new digital currency as it strives to lead the world in using this form of payments.

The South China Morning Post reported that officials in Shenzhen, Chengdu, and other Chinese cities are giving new digital versions of renminbi, China's official currency, to citizens. The People's Bank of China is awarding digital renminbi to lottery winners, who are buying things at thousands of stores in the country — a list that includes pharmacies, grocery stores, and Walmart, Axios noted.

Chen Yulu, the deputy governor of the People's Bank of China, said China is striving for "dual circulation" of currencies.

"We must serve dual circulation with fintech-led innovations," he said, according to the South China Morning Post. "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."

As Axios noted, a shift toward digital payments accelerated this year amid the coronavirus pandemic as people avoided using paper money and coins — which are believed to have the ability to spread the SARS-CoV-2 virus.

The pandemic originated in the Chinese city of Wuhan late last year.

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China has begun to distribute and circulate its new digital currency as it strives to lead the world in using this form of payments. The South China Morning Post reported that officials in Shenzhen, Chengdu, and other Chinese cities are giving new digital versions of renminbi, China's official...
digital currency, cryptocurrency, renminbi
210
2020-30-14
Wednesday, 14 October 2020 09:30 AM
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