Chinese workers paid in CBDC are cashing it out for real money: Report

Some participants of China’s CBDC pilot program are reportedly hesitant to hold onto the digital yuan, citing a range of concerns with using the state-backed digital currency.

“I prefer not to keep the money in the e-CNY app, because there’s no interest if I leave it there,” said Sammy Lin — an account manager at a Chinese state bank in Suzhou.Civil servant Andrew Wang said he wasn’t too worried by the idea of digital cash as it was only a small part of his salary being paid in digital yuan.

While China has reportedly been a “functionally cashless” society for the better part of a decade, many Chinese citizens remain hesitant to use a purely digital currency like the digital yuan due to wider fears of surveillance and its limited use cases, SCMP's report suggested.have been conducted by way of the digital yuan as of July 20, 2023, according to Yi Gang, the former governor of the People’s Bank of China.

Source: Digital Coin News (digitalcoinnews.net)

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