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China charges ahead with a national digital currency
2 Mar, 2021 09:59 PM
7 minutes to read
A sign for China s new digital currency, eCNY. Photo / Gilles Sabrié, The New York Times
A sign for China s new digital currency, eCNY. Photo / Gilles Sabrié, The New York Times
New York Times
By: Nathaniel Popper and Cao Li
The electronic Chinese yuan is now being tested in cities such as Shenzhen, Shanghai and Beijing. No other major power is as far along with a homegrown digital currency. Annabelle Huang recently won a government lottery to try China s latest economics experiment: a national digital currency.
After joining the lottery through the social media app WeChat, Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around US$30 ($41). To spend it, she went to a convenience store near her office and picked out some nuts and yogurt. Then she pulled up a QR code for the digital currency
eCNY: China charges ahead with a new digital currency
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By Nathaniel Popper and Cao Li
March 2, 2021 10.25am
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Annabelle Huang recently won a government lottery to try China’s latest economics experiment: a national digital currency.
After joining the lottery through the social media app WeChat, Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around $US30 ($38.58). To spend it, she went to a convenience store near her office and picked out some nuts and yoghurt. Then she pulled up a QR code for the digital currency from inside her bank app, which the store scanned for payment.
CASHLESS REVOLUTION: China charges ahead with a national digital currency
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