China's adoption rates of its digital yuan have soared since its introduction, but privacy concerns and a gloomy economic outlook may affect its hard-won gains.
Macau is eyeing 'currency in digital format' as legal tender as digital payment adoption rises, and while merchants are expected to go along with the proposal, the same cannot be said about casinos.
Amid privacy concerns, there has been a strong adoption of China's digital yuan, with transactions using the virtual currency exceeding $14 billion since its introduction in 2020.
China is embracing the adoption of its digital yuan, as seen in the record-breaking number of citizens piloting the CBDC, leading the PBoC to expand the trial to four more commercial hubs.
Introduced by Senator Andrew Bragg, the Digital Assets (Market Regulation) Bill 2022 requires disclosures from Australian companies dealing in digital yuan.
India is eager to kickstart its CBDC trial, partnering with renowned fintech firms to ensure the success of the initiative, which experts say will likely be tailored after China's digital yuan.
China's CBDC adoption is moving ahead as planned, with several cities testing a new electronic payment method that lets users pay for their transport fares using digital yuan.
The Rural Commerce Bank of Zhangjiagang, located in China's Suzhou province, has issued the first-ever digital yuan loan backed by intellectual property as collateral.
Lan Zhou noted that the CBDC had an impressive level of adoption across the test sites—citing that as of May, Chinese consumers had done a cumulative 264 million transactions amounting.
The airdrop is a joint effort with Meituan Dianping, one of China's leading food delivery apps, according to a statement from Shenzhen authorities.
U.S. senators have proposed a bill that will prohibit application stores like Google and Apple from hosting apps supporting digital yuan as a payment method.
The country is now testing the digital yuan—e-CNY—for use in payments of tax, stamp duty, and social security premiums with Zhejiang, a province in Eastern China, pioneering the effort.
