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Now, 18 months down the People's Bank of China, Li across major cities, and has WeChat and Alipay dominate the the new currency.
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China's digital currency - explained!The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. Digital. Unlike cryptocurrencies such as bitcoin, which are not centrally controlled, China's �sovereign� digital coin would fall under the authority of the People's. China's digital yuan is a central bank digital currency (CBDC) issued by the People's Bank of China (PBOC) and valued the same as the standard.