What is China's CBDC and how does it work?

3 answers

• Nov 24, 2021 · 3 years ago
  China's CBDC, or Central Bank Digital Currency, is a digital form of the Chinese yuan issued by the People's Bank of China. It is designed to function as a legal tender and aims to replace physical cash in circulation. The CBDC operates on a blockchain-based system, allowing for secure and transparent transactions. Users can access and transact with the CBDC through digital wallets provided by authorized financial institutions. The CBDC's value is pegged to the Chinese yuan, ensuring stability and trust in the currency.
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• Nov 24, 2021 · 3 years ago
  China's CBDC is like a digital version of the Chinese yuan. It works similarly to other cryptocurrencies, but with the backing and regulation of the Chinese government. It is created and controlled by the People's Bank of China, making it a centralized digital currency. The CBDC can be used for various transactions, such as online purchases and peer-to-peer transfers. It offers the advantages of speed, convenience, and security compared to traditional cash transactions.
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• Nov 24, 2021 · 3 years ago
  China's CBDC, also known as the digital yuan, is a digital currency issued by the People's Bank of China. It is part of the country's efforts to modernize its financial system and reduce reliance on physical cash. The CBDC operates on a centralized ledger system, allowing the government to have full control and oversight. Users can access the CBDC through mobile apps or digital wallets provided by authorized financial institutions. Transactions with the CBDC are recorded on the blockchain, ensuring transparency and traceability.
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