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Home»TRADING NEWS»Digital yuan is being abandoned instead of cash
TRADING NEWS

Digital yuan is being abandoned instead of cash

By Crypto FlexsMay 14, 20243 Mins Read
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Digital yuan is being abandoned instead of cash
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Beijing is trying to popularize the digital yuan, but only a few countries appear ready to use it.

Despite Beijing’s efforts to encourage its use, differences in perception of the digital yuan are emerging as Chinese government employees, especially those at state-owned enterprises and government agencies, have become early adopters of receiving salaries in digital yuan.

Sammy Lin, an account manager at a state-owned bank in Suzhou, told the South China Morning Post that he receives his salary in digital yuan through the e-CNY app, but like many others, he keeps the digital yuan. He said he preferred not to. Lack of interest and concerns about limited usability have kept me from putting money into the app.

“I prefer not to keep my money in the e-CNY app because there is no interest if I leave it there.”

Sammy Lynn

The report noted that the traceable nature of the digital yuan has raised concerns about personal financial data exposure, leading some people to convert the digital currency into cash instead.

Responding to these concerns, Ye Dongyan, a researcher at Beijing Chengkung Business School, said Beijing must achieve a delicate balance between privacy and security in promoting the digital yuan.

“Pain is anonymous, but digital yuan is different. “More reflection is needed about the line between information tracking and information security protection.”

Ye Dongyen

Currencies provide controllable anonymity for small transactions, but larger transactions require identification to prevent illegal activities such as money laundering.

Despite government assurances of high levels of privacy protection, some remain skeptical. Albert Wang, a Suzhou city official, pointed out the limitations of digital yuan compared to existing online payment platforms such as Alipay and WeChat Pay, noting that his wife “withdraws digital yuan as soon as she receives it because she cannot deposit money or deposit money. . Purchase financial products with e-CNY wallet.”

China’s digital yuan has established itself as a leader in the central bank digital currency space, especially in major economies. With the adoption and development of this technology, which has a transaction volume of 1.8 trillion yuan (approximately $250 billion), other economies are likely to join the digitalization race.

To date, global financial institutions have had limited participation in the digital yuan ecosystem, but China appears focused on gradual expansion. In 2023, French bank BNP Paribas began integrating the digital yuan into its services, linking corporate customers’ wallets to their bank accounts. Afterwards, multinational giant bank Standard Chartered also began providing digital yuan exchange services.

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