China continues to actively develop its national digital currency - digital yuan (e-CNY), which is becoming increasingly integrated into the country's financial system. As of November 2024, the number of e-CNY users has grown significantly, and the currency itself has begun to be used not only for small purchases, but also for paying utilities, taxes, and large business transactions. Special emphasis is placed on testing in million-strong cities and actively developing regions.
A milestone was the integration of digital yuan with popular e-commerce platforms such as JD.com and AliPay, allowing users to make purchases with minimal fees. The Chinese government is also providing incentives for businesses to switch to e-CNY payments, which is contributing to the currency's growing popularity among the general public and small businesses.
This project is an important step for China to reduce its dependence on the US dollar in domestic and international trade, and also demonstrates its leadership ambitions in the field of digital finance.
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