OPINION
Beijing’s Ballyhooed Digital Yuan Has Disappointed, at Least so Far
A slow start for China’s digital yuan may not spell doom for Beijing’s monetary ambitions, but it does point to significant difficulties.
Milton Ezrati
3/20/2026|Updated: 3/20/2026
Commentary
The People’s Bank of China (PBOC) was one of the world’s first central banks to push a digital currency. The initial launch dates back to September 2020. Other central banks, most notably the Federal Reserve in the United States and the European Union’s European Central Bank, have talked about launching a digital dollar and a digital euro, respectively, but have not yet issued one.
Beijing has taken the lead because it has two ambitions not shared by these and other central banks—one, an intense desire for domestic surveillance of its population; and two, the goal of using the yuan to challenge the dollar’s supreme role as the world’s global currency. The slow take-up of the digital yuan suggests that Beijing will have to wait a long time to fulfil its ambitions, if it ever can.
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READ MORE: https://www.theepochtimes.com/opinion/beijings-ballyhooed-digital-yuan-has-disappointed-at-least-so-far-5998973?ea_src=frontpage&ea_med=section-2
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