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09 July 2020

China: CBDC Issuance Could Be Fast-Tracked for COVID-19 Stimulus Payments

China: CBDC Issuance Could Be Fast-Tracked for COVID-19 Stimulus Payments


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China: CBDC Issuance Could Be Fast-Tracked for COVID-19 Stimulus Payments.

China’s planned digital currency electronic payment (DCEP) project may be accelerated to have the central bank digital currency (CBDC) available for COVID-19 stimulus package payments.

Reports indicate that the decision to accelerate the issuance of the digital yuan is in response to trade tensions with the United States as well as the need for an efficient currency to be used in COVID-19 stimulus payments.

For Yin, a CBDC with its baked-in traceability features will allow the government to accurately monitor the flow of COVID-19 stimulus payments.

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