Some participants of China’s CBDC pilot program are reportedly hesitant to hold onto the digital yuan, citing a range of concerns with using the state-backed digital currency.
China’s digital currency project reportedly still has teething problems, with a report suggesting some state Chinese workers being paid in “e-CNY," or digital yuan, seldom use it and have been converting it to physical cash.
According to a May 13 report from South China Morning Post, some Chinese cities have begun paying state employees in the country’s CBDC but most of these early adopters convert it to cash immediately.
“I prefer not to keep the money in the e-CNY app, because there’s no interest if I leave it there,” said Sammy Lin — an account manager at a Chinese state bank in Suzhou.
