China has been in the lead in developing its own digital currency. It's been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzen, Chengdu and Hangzhou. When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning central bank digital currency very soon, within the coming year.
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