Recent news that China's central bank is undertaking trials of its planned digital currency electronic payment system has attracted more attention, particularly in international political circles, than its significance probably warrants.
After all, China is but one of many countries that have spent years preparing for a digital currency, and announced back in October last year that a digital renminbi was ready for release. Depending on the outcome of the current tests, it may be introduced next year, brought forward by the coronavirus pandemic - which has made consumers worry that physical cash could carry pathogens.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you