The Chinese currency is currently undergoing a trial phase within China’s borders.
The Republic of the Bahamas in the Caribbean was the first country to launch a government digital currency, followed by China, whose “yuan” digital currency is seen as the strongest.
The digital currency “yuan” differs from other digital currencies, as there is a clear party that owns or manages it, unlike the rest of the currencies that seem out of control.
It was not easy, as it took years for this coin to be found.
The Chinese digital “yuan” is designed to track all financial movements. For example, the country will know full details of everything that someone bought through this currency and from where.
She says that the main goal behind launching this currency is to gain greater control over the growing digital currency market, and replace some of the coins and paper in circulation.
Despite the new era of the new currency, it is described as the fastest and cheapest for local and international transactions.
Thousands of people were selected through a “lottery” system to promote the new currency, which allows the use of their digital yuan in both online and offline stores through a special application.
The new digital Chinese yuan received a response from companies, including those of the United States operating on Chinese soil, including “Starbucks” and “McDonald’s” restaurants, which moved quickly and became accepting of this currency.
The new Chinese currency poses a threat to commercial banks, because dealing will become direct between the central bank and the public, which negates the need for the existence of these banks or reduces dependence on them to a large extent.