The Digital Yuan represents China's vision of a cashless society and a digitized economic system, aiming to enhance monetary inclusion, reduce transaction costs, and combat illicit activities.
Financial inclusion, payment efficiency, and data privacy are key aspects of the Digital Yuan's implications, providing access to banking services, improving transaction efficiency, and raising concerns about surveillance and privacy.
The development of the Digital Yuan dates back to 2014 when China's central bank began researching the feasibility of issuing a digital currency, focusing on financial inclusion, cost reduction, and anti-money laundering initiatives.
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