News Snapshot:
The People's Bank of China is blazing a new virtual trail with pilot tests of its national digital currency around the country. Digital Currency Electronic Payment (DCEP), the digital version of the renminbi, will be tested in Shenzhen, Suzhou, Xiongan and Chengdu and at venues of the 2022 Winter Olympics scheduled for Beijing and vicinity. While many central banks around the world are developing digital currencies, China appears to have the edge due to its advanced digital payments ecosystem. Already 83% of digital payments in China are made through mobile devices, compared with 17% through cash or bank cards. According...
