![]() The effort is one of several by central banks around the world to try new forms of digital money that can move faster and give even the most disadvantaged people access to online financial tools. The country's central bank, which began testing eCNY last year in four cities, recently expanded those trials to bigger cities such as Beijing and Shanghai, according to government presentations. Huang said of the eCNY experience, though she added that it wasn't quite as smooth.Ĭhina has charged ahead with a bold effort to remake the way that government-backed money works, rolling out its own digital currency with different qualities than cash or digital deposits. "The journey of how you pay, it's very similar" to that of other Chinese payments apps, Ms. ![]() Then she pulled up a QR code for the digital currency from inside her bank app, which the store scanned for payment. To spend it, she went to a convenience store near her office and picked out some nuts and yogurt. Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around $30. After joining the lottery through the social media app WeChat, Ms. ![]() From a report: Annabelle Huang recently won a government lottery to try China's latest economics experiment: a national digital currency. No other major power is as far along with a homegrown digital currency. The electronic Chinese yuan is now being tested in cities such as Shenzhen, Shanghai and Beijing.
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