What has happened in China so far on rolling out digital yuan? China's digital yuan is probably the most advanced of the several CBDC initiatives that are being developed around the world. The PBOC been working on its digital yuan programme since 2014, though it released few details until last year. A series of pilot programmes, most notably in Shenzhen in October 2020 have shown that the digital yuan, can work on the ground when paying for goods. Widespread use of the digital yuan would give Chinese policy makers greater visibility into how money flows around China's economy.

Source: The Hindu October 19, 2020 11:04 UTC