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Why China Rushes to Roll Out Digital Currency 

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Why China Rushes to Roll Out Digital Currency 
A man uses his phone as he walks past ATM machines for bitcoin in Hong Kong on Dec. 18, 2017. Anthony Wallace/AFP via Getty Images
Frank Xie
Updated:
Commentary

In April, the Chinese regime announced that it would launch a digital currency pilot program. In early August, China’s four major banks—Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China—expanded digital currency testing in first-tier cities, such as Shenzhen.

Frank Xie
Frank Xie
Author
Dr. Frank Tian Xie was originally from P.R. China and is now the John M. Olin Palmetto Chair Professor in Business and Professor of Marketing in the School of Business Administration at the University of South Carolina Aiken. Prior to that, Dr. Xie was on the faculty of business at Drexel University in Philadelphia. Dr. Xie is an expert of marketing strategy, international marketing, and Chinese business and economy. He has been interviewed by/appeared on many global media outlets such as The New York Times, CNN Business, The Epochtimes, Radio Australia, Tokyo Shimbun, SOH Radio, Voice of America, Radio Free Asia, and NTDTV.
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