China's plan for a digital currency will have global implications

China's experiment with a digital currency aims to make transactions faster, cheaper, and more efficient. It could give China's currency an edge over the US, but trust, surveillance, and international appeal are crucial. The digital Yuan offers benefits like increased access to financial services and streamlined payments. Despite extensive testing, adoption of the digital currency remains low. China's high adoption of mobile payments and determination to develop a universal digital currency have implications for businesses. China's plan to replace the US dollar with a digital currency and de-dollarize its financial system is progressing through Project Enbridge, offering a more efficient transition away from the dollar.