WSJ video shows China’s digital yuan in action in stores

NFC phones being used to pay using digital yuan
DIGITAL YUAN: Chengdu residents can now use China’s CBDC to make contactless NFC payments Image: WSJ

The Wall Street Journal has posted a video report showing Chinese consumers in the city of Chengdu using the country’s central bank digital currency (CBDC) to make in-store NFC and QR code payments from a digital yuan wallet on their mobile phone.

The report also goes on to explain how the People’s Bank of China is to keep a central database that will enable the central bank to track every transaction made using the digital currency and monitor patterns of expenditure and financial activity.

“It’s a trade-off between convenience and being monitored,” Huang Dan, a recipient of digital yuan in Chengdu’s recent ‘red envelope’ lottery, says in the report.

“If I get used to spending money in this convenient way, it’s really hard to turn around.”

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