With each passing day, the list of nations actively exploring the idea of central bank digital currencies (CBDCs) is continuing to grow at a rapid pace. While China’s digital yuan project may be the one that everyone talks about the most, in recent months, countries like The United Kingdom, Sweden and Japan have forged ahead with their own CBDC research and/or testing.
That said, the digital yuan project is head-and-shoulders ahead of any of its contemporaries at this point, owing to the simple fact that Chinese authorities have already completed many beta-testing rounds of the currency across a number of major regions including Beijing, Chengdu, and Hong Kong’s greater bay area.
In fact, just to highlight how far along the project has actually come, reports indicate that the citizens of Suzhou city can now pay for their daily travel on the city’s fifth line using the digital yuan.
A brief overview of the e-CNY project
Initially thought of as a tool that would