🇨🇳 Chinese people exchange digital Yuan for cash

According to a report from the South China Morning Post, most Chinese civil servants who receive salaries in the national digital currency e-CNY (e-CNY) immediately exchange them for cash.

The main reason is because:

👉 It is not possible to earn interest on e-CNY, so keeping coins in it brings no benefit.

👉 Currently there are very few places that accept e-CNY payments, both online and offline.

👉 Financial instruments (stocks, bonds, options contracts...) cannot be purchased with e-CNY.

👉 Cryptocurrency trading in China is banned.

Chinese authorities have reported more than $250 billion in transactions conducted in e-CNY through July 2023.

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