China's digital yuan makes progress but challenges remain for mass adoption

FILE PHOTO: Computer code is seen on a screen above a Chinese flag in this July 12, 2017 illustration photo. REUTERS/Thomas White/Illustration

In three years of experiments, China’s central bank has made significant progress in developing its central currency.

Total transactions since late 2019 reached 83 billion yuan ($12.3 billion) as of the end of May. Nearly 4.6 million merchants across China have come to accept the digital yuan, known as the e-CNY, as payment. People have used it for shopping, dining, personal finance and businesses uses such as paying taxes and employees.

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