March 01, 2021

China Charges Ahead With a National Digital Currency

Featuring Yaya J. Fanusie

Source: The New York Times

Journalists Nathaniel Popper, Cao Li

Annabelle Huang recently won a government lottery to try China’s latest economics experiment: a national digital currency.

After joining the lottery through the social media app WeChat, Ms. Huang, 28, a business strategist in Shenzhen, received a digital envelope with 200 electronic Chinese yuan, or eCNY, worth around $30. To spend it, she went to a convenience store near her office and picked out some nuts and yogurt. Then she pulled up a QR code for the digital currency from inside her bank app, which the store scanned for payment.

“The journey of how you pay, it’s very similar” to that of other Chinese payments apps, Ms. Huang said of the eCNY experience, though she added that it wasn’t quite as smooth.

Read the full story and more from The New York Times.

Authors

  • Yaya J. Fanusie

    Adjunct Senior Fellow, Energy, Economics and Security Program

    Yaya J. Fanusie is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). His research focuses on the national security implications of cryptocurrencies an...