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POSTED ON December 27, 2020  - POSTED IN Guest Commentaries

The People’s Bank of China was the first central bank to roll out a digital currency. The digital yuan recently got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.

Digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. Digital currencies issued by central banks are backed by the state, just like traditional fiat currency.

POSTED ON December 10, 2020  - POSTED IN Key Gold Headlines

Last summer, the Chinese government launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending.

Last week, the digital yuan got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.

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