The Chinese are exchanging the digital yuan for cash 👀

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

Causes:

▪️ You cannot earn interest on e-CNY, so there is little point in storing money in them.

▪️ There are few online and offline e-CNY acceptance points.

▪️ You cannot buy financial instruments with e-CNY.

Well, yes, especially cryptocurrency prohibited for trading 😁

The Chinese authorities report the success of the implementation of the digital yuan, with the help of which transactions worth $250 billion have already been carried out and this is data as of July 2023.

I wonder how long the Communist Party will allow e-CNY to be so disrespected and simply not close its conversion.

Technically, this is easy to do, but first you need to accustom the population to a new way of life without money 🤨