China becomes first major economy to launch own digital currency

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The Chinese government has started issuing blockchain-powered digital currency to its citizens, taking lead over major economies of the world.

According to the Wall Street Journal, the digital Yuan has been issued to 750,000 persons after they were selected through a lottery system. The recipients can spend their digital currency in stores and online using a special app.

Merchants linked to brick and other businesses are already using app-based payments and the launch of the digital Yuan will not face any resistance.

Every Yuan in circulation will either exist as physical or as digital currency.

Experts are of the view that the China has planned to convert all physical currency into digital at one point in the future.

China is only the second country and the first major economy to officially launch a blockchain version of its own currency.

According to Bloomberg, Bahamas, a country in the Caribbean launched the digital currency last year and it was already being accepted in stores in the capital Nassau.

Pakistan among other countries is also considering the launch of their official cryptocurrencies soon.

Read more: https://pakobserver.net/saudi-uae-central-banks-work-on-joint-digital-currency-plan/