Why digital currency in China?

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This story is an English language news item from CGTN. CGTN is a Chinese state-funded broadcaster. More from CGTN

China has been working on a digital version of the yuan since 2014, and there is talk that the central government hopes to launch a form of e-currency for the 2022 Beijing Winter Olympics. That’s why a screenshot of an internal mobile application developed by the Agricultural Bank of China showing a digital banknote attracted so much attention on social media recently. For now, the digital yuan is theoretical, but how would it affect daily life? Are digital currencies safe? Do China’s efforts to create a cashless society resemble what’s happening elsewhere? Why this drive to go digital, at all?

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