ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more