China Becomes Major Economy by Issuing Digital Currency
China has recently started providing digital currency to its citizens, and as a result, it has overtaken the United States as the largest economy in the world.
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But China is now recognised as the world’s largest economy and the first to introduce its own cryptocurrency on the block chain.
According to The Wall Street Journal, 750,000 Chinese beneficiaries have already been chosen through a lottery method, and they can use a special app to spend their digital yuan in stores and online.
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This software is based on payments that are already widely used in physical Chinese businesses, but the retailers were very fast to take advantage of new government incentives.
Starbucks is reportedly one among the businesses that has already started taking digital Yuan.
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