Chinese workers who are paid in the digital yuan, or e-CNY, are reportedly converting their digital wages into physical cash, signaling skepticism and doubts about the practicality and appeal of the Central Bank Digital Currency (CBDC). Despite over $250 billion worth of transactions, users in China's state employee salary trial prefer physical cash over the digital yuan, citing limited use, lack of benefits, privacy concerns, and a low number of compatible businesses.
China’s central bank fined seven businesses, including a local KFC franchise, for rejecting cash payments, as part of a campaign to ensure physical currency remains an option even as digital payments proliferate. https://t.co/lrwNQnWV3L
While Beijing is trying to popularize its digital yuan, only a handful of people seem interested in actually holding it https://t.co/p56ChDVkyL
Participants of the e-CNY program are converting assets into dollars. Some participants in the Chinese pilot program for e-CNY are hesitant to hold onto their assets due to a number of issues. Chinese media journalists have noted that a large portion of officials receiving… https://t.co/75kUbfc2rB
NEW: China's digital yuan pilot faces user skepticism. State workers paid in e-CNY are converting it to cash due to limited use and lack of benefits. Despite over 💵 $250B in transactions by July 2023, privacy concerns and a low number of compatible businesses remain. https://t.co/CQ6KbKAEfF
CHINA'S DIGITAL YUAN STRUGGLES DESPITE SALARY TRIAL - China's digital yuan, or e-CNY, faces challenges in adoption despite a trial where state employees receive salaries in the CBDC, per the South China Morning Post - Early users of the digital yuan predominantly transfer… https://t.co/ZeR28xXRA7 https://t.co/jqfCUPxnru
JUST IN: CHINA'S DIGITAL YUAN FALLING FLAT AMONG USERS IN STATE EMPLOYEE SALARY TRIAL
Workers in China's pilot program for the Central Bank Digital Currency are swiftly converting their digital yuan into physical cash, signaling doubts about its practicality and appeal. #DigitalYuan #CBDC #Blockchain #China https://t.co/ylfAQRfIro
China's digital yuan is failing to catch on during a trial in which state employees receive their salary in the CBDC. By @JamieCrawleyCD https://t.co/8yU3QosHlW
Even in China, skepticism is strong when it comes to CBDCs. Those who have been paid in the digital Yuan choose to convert it to cash almost immediately. https://t.co/I1Mho48oHe
MOST CHINESE WORKERS ARE PREFERRING CASH OVER CBDC - REPORT - In China, workers paid in the digital yuan, or e-CNY, are reportedly converting their digital wages into physical cash. - A recent report from the South China Morning Post highlighted this behavior among state… https://t.co/AJ8bpeqtzW https://t.co/PB1JmPaNTx
Despite $250 Billion Worth of Transactions, Digital #Yuan Users Prefer Physical Cash #CBDC #NewsBytes https://t.co/UM9u9hiIWI
UPDATE: CHINESE WORKERS WHO ARE PAID IN CBDC, E-CNY, ARE REPORTEDLY CASHING OUT FOR PHYSICAL MONEY