China's digital yuan is set to take center stage at the Winter Olympics 🇨🇳 But experts are warning that Beijing will face challenges as it tries to get the central bank digital currency off the ground 👀
China has been ahead of the curve when it comes to developing a central bank digital currency — sparking fears that the U.S. and Europe are far behind in building their own.
Alipay and WeChat Pay both accept the digital yuan, also known as e-CNY, but the People's Bank of China have also launched their own app in an attempt to reach consumers directly. "You have to download the app, sign up, then top up your wallet. I'm not sure consumers want to go through these extra steps."
"Over time, there may be some niche areas where the digital RMB could see greater use, such as paying certain types of government related bills, or for things like transportation, particularly if the central bank offers incentives like red envelopes and other inducements."
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