China pushes for more use of the “digital yuan”

It will be a city Changshuwhich has a population of more than 1.5 million, is the first city to use the digital yuan to pay public servants, according to local media reports.

Also read: “China” warns of global financial instability resulting from US economic policies

This measure will affect public servants in government offices, as well as school teachers, medical staff, employees of government companies, and all those who receive their salaries directly from the city.

This step comes to increase the use of this type of cryptocurrency, which did not receive the expected interest from citizens, who refuse to pay using alternatives such as Wechat AndAlipay.

China continues to promote the digital yuan

The implementation of digital yuan payments represents a remarkable acceleration in the inclusion of digital currency in the life of the Chinese citizen People’s Bank of China PBOC Call for expanded scenarios for using the currency in September, suggesting that more businesses and services include it as part of their payment methods.

China is pushing to promote the use of the digital yuan

On the other hand, the use of the digital yuan is still lagging behind when compared to other payment methods, as described by the former general manager of research at the People’s Bank of China, Xi PingThe results of the digital yuan tests in December, that they are not perfect, indicating that given the use of the currency as an alternative to cash, its adoption will be difficult.

In a related context, other experts also view the digital yuan as an important tool for increasing currency adoption abroad, especially in the current geopolitical situation.

Also read: Analysis: “BRICS countries”, “China” and “cryptocurrencies” threaten the dominance of the US dollar

As the expert on trade disputes between the United States and China explained, Ju Jiandongthat if China can integrate this digital currency into an international payments system, it may enhance the use of the yuan to settle cross-border payments.

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