Why is China promoting the digital yuan?

In recent years, China has been promoting the digital yuan. Six major state-owned banks in China have begun taking public applications to open trial digital-yuan wallets. What is exactly digital currency? How is it different from WeChat pay and Alipay which dominate payment systems in China? How will the popular use of digital currency influence society? Qu Qiang, assistant director at the International Monetary Institute of Renmin University, shared his views.

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