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Cryptocurrencies

China moves to make digital yuan legal tender

Beijing looks to cement trailblazer status in virtual currencies

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes.   © Reuters

BEIJING -- China began a process Friday to give legal backing for a digital version of its currency, positioning itself as the global leader in the field after having launched trials involving actual payments by consumers ahead of other countries.

Draft legislation states that the yuan exists in both physical and digital forms. The bill will be put to public comment through Nov. 23.

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