How China Is Closing In on Its Own Digital Currency

How China Is Closing In on Its Own Digital Currency

While there's no launch date yet, the People's Bank of China is likely to be the first major central bank to issue a digital version of its currency, the yuan, seeking to keep up with -- and control of -- a rapidly digitizing economy. Trials and tests are underway in several cities, with the Covid-19 pandemic and need for social distancing adding fresh impetus. Unlike cryptocurrencies such as Bitcoin, the digital yuan won't have any presumption of anonymity and its value will be as stable as the