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China looks to roll out its new digital currency on a larger scale in February

China has stepped up trials of its digital yuan. It is trying to become the first major economy to launch a sovereign digital currency. At least 20 million wallets have reportedly been created so far, but analysts said authorities must still get more on board. The digital currency doesn’t require a bank account to access funds, which could benefit the 20% in China without one. It is expected to help prevent illegal activities like money laundering, and allow authorities to make better economic planning decisions with the information collected.

China looks to roll out its new digital currency on a larger scale in February

19 Oct 2021 03:52pm

China has stepped up trials of its digital yuan. It is trying to become the first major economy to launch a sovereign digital currency. At least 20 million wallets have reportedly been created so far, but analysts said authorities must still get more on board. The digital currency doesn’t require a bank account to access funds, which could benefit the 20% in China without one. It is expected to help prevent illegal activities like money laundering, and allow authorities to make better economic planning decisions with the information collected.

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