The digital currency of China to be utilised for small-scale transactions

Undoubtedly, China is among the leading countries in terms of technology. Lately, China has been in the news for its digital currency. After the cryptocurrency ban, China is keen on developing its currency to join the race of central bank digital currencies (CBDCs). According to the People’s Bank of China (PBoC), digital yuan can only be used for small transactions. Perhaps it will expand to larger retail transactions in the future.  However, the People’s Bank of China (PBoC) made this announcement to debunk pointless rumors concerning the digital currency being used for big-scale transactions. Wang Peng, a Chinese assistant professor