China has already given away millions of dollars worth of the digital currency in real-world trials in a number of cities including Shenzhen, Chengdu and Suzhou.
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A paper (link in Chinese) published by the central bank’s digital currency research institute in 2019 noted that China was the first to add digital currency-related content to the repository for ISO 20022, a new global standard covering financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, and credit and debit card information. The digital yuan, which is controlled and issued by the People's Bank of China, is what's known as a central bank digital currency. Some users outside China, particularly in the US, might be reluctant to use a digital currency controlled by China. These new payment methods rely on digital transfers of money using an assortment of technology intermediaries including mobile devices, QR codes, and token systems. In a first, efforts are underway in China to roll out its digital currency, eCNY through trials.
Economists, however, warn … Experts say China's Digital Currency Electronic Payment is the opposite of Bitcoin as it is about control and regulation Beijing has been trialling the central bank-backed digital currency since last year, and has offered incentives to users The tense questioning centred on Facebook's plan to create a new digital currency called Libra.
Bitcoin is a decentralized digital currency that no one controls it's independent of any government and anyone can participate. That means that it is not controlled by any central authority like a central bank, unlike the digital yuan which will be issued by the PBOC. The digital yuan will bypass the global financial system. China's digital currency is the opposite of that.
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