As the public discussion in Switzerland around a central bank issuing digital currency tends to the negative, China is moving forward with the implementation of the digital yuan.
The implementation of the e-yuan by the People’s Bank of China is indeed advancing at a fast pace. Today, as part of the test phase, individuals in China can already use the digital currency in all-day payments through an app. The cities of Beijing and Suzhou are at the centre of the test phase. Foreign athletes during the winter Olympics in 2022 should also be able to use the digital currency. There is however no official timeline for the implementation of China’s digital currency.
The e-yuan should in the future also play a role in international payments, granting in that way China with more independence from the US-Dollar based payment system.