A digital payments revolution is gathering pace in China.
If all goes according to Beijing’s plan, the first national digital currency by a major economy could be launched before February 2022.
The impending rise of the digital yuan can have significant ramifications. With China poised to become a digital currency leader even as the West struggles to keep up, state-backed national cryptocurrencies might very well be the next arena for the escalating superpower rivalry.
How do state-backed cryptocurrencies work? How might China's digital currency impact the country and the rest of the world? And will the yuan actually be able to challenge the dollar?