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China Debunks CBDC Rumours: CBDC Is Currently Only For Small Transactions

The PBoC began testing its digital yuan, in preparation for a full scale release. However, recent rumors have suggested several claims regarding the method the agency is currently using to handle the sale.

However, a PBoC staff has said that that the digital yuan is pretty much the same thing with the regular currency, and is convertible with banknotes 1:1.

For a while now, China has been working hard on its CBDC, in a bid to beat other countries to the punch. While many central banks are currently working on several different versions of a CBDC, China seems to be well ahead of the pack.

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