Tourists or business visitors to China may have struggled with WeChat or Alipay since both payment platforms require a China-registered credit card or bank account. With digital yuan, visitors - such as to the Winter Olympics 2022 - would find it much easier to use Renminbi.

China is turning its money digital. This is the first state-owned digital currency, the polar opposite of bitcoin which is decentralised and anonymised. Digital yuan is stored in one’s phone on a digital wallet app and does not even need reception to make transactions.

The digitised format makes it theoretically possible for authorities to track every single transaction.

WATCH the full episode of Why Is The Yuan Going Digital?:    • Why Is The Yuan Going Digital? | Mone...  

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