🇨🇳 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.
