What is China's Digital Yuan Cryptocurrency? How Does the Chinese Digital Currency Work?

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?

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