China has been rolling out its digital yuan for several years now, and many places have made it official. Most recently, local governments have started using the digital currency to pay wages to state sector employees. The use of the digital yuan is rising, with the most recent move being WeChat Pay integrating it for quicker payments. Additionally, some experts think that this could lead to a decline of the dollar as the world’s reserve currency by accelerating the adoption of the e-yuan. The privary protection it offers is another plus point. However, Beijing has also been erecting firewalls around China, preventing businesses and individuals exporting the currency. Thus, it continues to remain exclusive to users within China.
Adriana Parker
- 2023-04-24
China Introduces the Digital Yuan
China is gradually rolling out its digital yuan for use by local governments to pay wages to state sector employees. WeChat Pay has integrated it for quicker payments. Could it lead to the decline of the dollar?
![CandleFocus digitalyuan-China-wages-WeChatPay-dollar](https://images.candlefocus.com/China-Introduces-the-Digital-Yuan.jpg)