All You Need to Know about Digital Yuan

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All You Need to Know about Digital Yuan
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Digital Yuan
Its effectively a process for the central bank
to digitalize banknotes and coins in circulation.
The Chinese market is already very advanced in
cashless payments. The Digital Yuan would be a
way to speed that process up. It will be a legal
tender in China.
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The most popular form of mobile payment in China
relies on so-called quick response (QR) codes.
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Smartphone makers could also create digital yuan
wallets for their devices.
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Is the Digital Yuan like Bitcoin?
No. Bitcoin is a so-called decentralized
cryptocurrency. That means that it is not
controlled by any central authority like a
central bank, unlike the digital yuan which will
be issued by the PBOC.
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