China To Test Digital Currency. Could It End Up Challenging The Dollar Globally?
Bitcoin promises users anonymity, but transactions using China's digital currency would be tracked by its central bank. Experts say it could someday rival the dollar in international payments.
China is light-years ahead of the United States in doing away with old-fashioned paper money. Now China's central bank is preparing to test a digital currency. And some observers say it could mark the beginning of a new economic arms race, challenging the supremacy of the U.S. dollar.
Already, hundreds of millions of consumers in China have grown used to paying for purchases without cash, using popular smartphone apps such as WeChat and
