Digital Yuan Fails to Impress Early Users

The video discusses the limited impact and interest in digital currency in China, particularly in Shenzhen, due to the dominance of Alipay and WeChat. Privacy concerns and government surveillance fears also hinder adoption. The People's Bank of China faces challenges in promoting international use, with the yuan's global payment share at just 3%. Competing with the US dollar, backed by a robust treasury market, remains a significant hurdle. Despite these challenges, the future of digital currency is seen as an interesting development with potential for growth.

What are some reasons for the lack of interest in digital currency trials in Shenzhen?

• Limited merchant acceptance

• Lack of internet access

• Widespread use of Alipay and WeChat

• High transaction fees

What is a major concern regarding the use of digital currency in China?

• Lack of technological infrastructure

• High inflation rates

• Government surveillance

• Currency devaluation

What is the current global share of China's digital currency in the payment system?

• 3%

• 10%

• 15%

• 5%

What makes the US dollar attractive in the global market?

• Strong military backing

• Large and liquid treasury market

• High interest rates

• Low inflation

What is the current status of the international use of China's digital currency?

• Rapidly growing

• Negligible

• Declining

• Widely adopted