PBOC Is Planning to Roll Out Its Own Digital Currency Soon

The video discusses the dominance of Alipay and WeChat in China's mobile payments market, which accounts for over 94% of transactions. The People's Bank of China (PBOC) plans to introduce a digital coin, aiming to reshape the payments landscape. This move is driven by geopolitical and economic motivations, as China leads in becoming a cashless society. However, the PBOC faces risks, including technological challenges, financial system impacts, and user adoption hurdles, as it does not use blockchain technology like Bitcoin.

How does China's approach to becoming a cashless society compare to that of the US?

What challenges might the PBOC face in implementing their digital currency?