- The newspaper has also predicted that there may be involvement of some individuals belonging to Beijing who don’t want the project to move forward.
- China Securities has released a report in which it mentioned that the Shanghai Municipal Government has proceeded towards a new round of CBDC adoption measures. A similar announcement was made by Fuzhou in November of this year.
- According to a poll over the social media platform, X, 90% of the respondents have never seen or used the digital yuan.
Epoch Times, a Chinese-language newspaper from the United States has reported that the digital yuan project of China has miserably failed. The media outlet has claimed that it is a sign of the weakening power of President Xi Jinping. The newspaper is a high critic of the Chinese Communist Party and the publication in China is also not allowed.
At the beginning of this month, Yao Qiao, the one-time mastermind of digital yuan was forced to leave the CCP as per the claims of using crypto bribes. Due to this, the CBDC plan of Beijing went through a shock. Talking about Qiao, he was an ex-head of the Science and Technology Supervision Department of the China Securities Regulatory Commission.
What does the report claim further?
Epoch Times further went on to report that Xi Jinping publicized the digital yuan project to its extent soon after he headed the administration. However, the project has now failed after Yao was forcibly moved out and he claimed that he is the person who knows the most about digital currency in China.
The newspaper has also predicted that there may be involvement of some individuals belonging to Beijing who don’t want the project to move forward. Yao has also served the Digital Currency Research Institute as a director and has worked on various digital yuan adoption projects since 2014.
The exact date of when CBDC will launch in Beijing is not clear yet. But the publicization of the coin to its extent has so far been done at many international events. The country has spread its wings for the initial pilot zone to enclose much of its boundary, along with Hong Kong.
Digital yuan developments slowed down
In 2024, the digital yuan developments have been slowed down. Another Chinese newspaper, The Paper has also questioned that the digital yuan project has been promoted for four years, so why the majority is not using it?
According to a poll over the social media platform, X, 90% of the respondents have never seen or used the digital yuan. Epoch Times has also claimed that this project can be included in one of Xi Jinping’s unfinished projects. The mainland of China is still trying to adopt the coin, although the speed of adoption has been slowed down.
China Securities has released a report in which it mentioned that the Shanghai Municipal Government has proceeded towards a new round of CBDC adoption measures. A similar announcement was made by Fuzhou in November this year, which accepted new plans to use the digital yuan in project financing.
