China’s digital currency takes shape as trials begin with travel subsidies and Communist Party fees

Trial programmes for China’s sovereign digital currency began last week as Libra, a cryptocurrency backed by Facebook, scaled back its ambitions to become a global currency.The first look at the planned digital currency emerged on Wednesday when a screen shot of a test version developed by the Agricultural Bank of China was leaked.The following day the National Business Daily reported that the Xiangcheng district of Suzhou was expected to put the currency to use in May by paying half the travel…

from South China Morning Post https://bit.ly/2z6Vmvh