Privacy concerns hamper China’s efforts to promote use of digital yuan by foreigners

China’s own digital currency has taken a step towards greater use by foreigners, with an update to the official e-CNY app in late September to accept Visa and Mastercard payment options, but overcoming privacy concerns remains an uphill task. But analysts believe that broader adoption of the e-CNY still hinges on the issue of trust in the Chinese government. Asst Prof Dylan Loh from NTU said that foreigners who already hold a favourable view of China would see the country’s attempts to internationalise the digital currency as an instance of Chinese innovation, progress and a sign of maturity. 

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