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The People's Bank of China says it will start allowing people in China to use the country's new digital currency, the Digital Yuan, to buy goods and services starting next month, the BBC reports.
The move is part of China's efforts to transition from a per-person, per-transaction economy to a per-second, real-time one, according to the Wall Street Journal.
The Digital Yuanwhich the People's Bank of China describes as "a digital currency controlled by the central bank"comes with a number of advantages over other currencies, including "unprecedented precision in monetary policy implementation" and the fact that it can be used to stimulate spending during economic slowdowns.
"It's fascinating to consider how this could stabilize prices and boost economic growth," Bloomberg quotes a post at Yuan Globalize as saying.
"Such targeted actions could alter international trade dynamics, potentially reducing reliance on traditional banking systems and currencies like the US dollar."
According to the People's Bank of China, people will be able to use the Digital Yuan to buy goods and services such as taxi rides and doctor's appointments, pay bills, and send money to friends and family, the BBC reports.
The currency will also be used to
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Social Entrepreneurship
Spotlight
Colombian Social Entrepreneur Hopes to Shake and Change the World
Young at 24, Juan David Aristizabal Ospina is a social entrepreneur who founded Buena Nota, a platform that accentuates social entrepreneurs and citizens in Colombia making positive changes and raising awareness about social problems that need to be addressed.
