Rolling up the sleeves: China’s tech giants drive digital yuan adoption

While key central bank figures in the West like Jerome Powell and Christine Lagarde appear to be procrastinating on the subject of central bank digital currencies, China continues to make significant progress.

China’s digital currency electronic payment project, or DCEP, helmed by the country’s central bank, continues to draw significant private sector participation. From tech giants, to e-commerce conglomerates, many of the major private sector firms are playing pivotal roles in the quest to create the digital yuan.