China has pushed to expand the number of users for its sovereign digital currency through partnerships with tech giants including Tencent and JD.com.
China is ramping up efforts to roll out the digital yuan to the broader population, as the country's technology giants like Alibaba and Tencent jump on board.
One analyst questioned what incentives there are for Chinese citizens to use the digital yuan over the existing dominant systems of mobile payments. But there are challenges ahead and one particular question stands out: Will Chinese citizens — who already use two dominant mobile payment systems run by these same tech firms — begin paying with the digital yuan?has been working on the digital form of its sovereign currency since 2014Also known as the e-CNY, it's designed to replace the cash and coins already in circulation. It is not a cryptocurrency like bitcoin, in part because it's controlled and issued by the central bank.
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