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Government response to digital yuan skepticism over the next year
5
Resolution / Starting Odds
Increase incentives for using digital yuan • 25%
Implement stricter regulations • 25%
No significant changes • 25%
Phase out the pilot program • 25%
Official government statements or legislative actions
Story
Chinese Workers Convert Digital Yuan to Cash Amid Skepticism in State Trial
May 13, 2024, 10:36 AM
In China, a significant trend has emerged among workers who are part of a pilot program receiving their salaries in the digital yuan, or e-CNY. Despite the government's push for digital currency, these workers are converting their digital wages into physical cash almost immediately after receiving them. This behavior has been highlighted in a report by the South China Morning Post and further evidenced by the fact that even with $250 billion worth of transactions, the digital yuan is not retaining its hold as a preferred mode of transaction. Skepticism about the Central Bank Digital Currency (CBDC) remains strong, and the trial involving state employees has not been successful in popularizing the digital yuan.
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New strict regulations passed • 33%
Regulations relaxed or removed • 33%
No significant regulatory change • 34%
Very Dissatisfied • 25%
Dissatisfied • 25%
Satisfied • 25%
Very Satisfied • 25%
Diplomatic Negotiations • 20%
Cyber Countermeasures • 20%
Economic Sanctions • 20%
Military Posturing • 20%
No Significant Action • 20%
Increase security measures • 25%
Public support for Anjarwalla • 25%
Lobby for regulatory changes • 25%
No significant response • 25%
Increased scrutiny • 33%
No change in scrutiny • 33%
Decreased scrutiny • 34%
Increased bipartisan support for crypto regulations • 33%
Increased opposition to crypto regulations • 33%
No significant change in political stance on crypto regulations • 34%
Introduce more crypto-friendly legislation • 33%
Increase regulatory scrutiny on cryptocurrencies • 33%
Maintain current stance without significant changes • 34%
Tougher regulations • 33%
No change in policy • 33%
Relaxed regulations • 34%
Increase in regulatory scrutiny • 33%
No significant change • 34%
Decrease in regulatory scrutiny • 33%
Major crypto-friendly legislation passed • 25%
Executive orders enhancing crypto use issued • 25%
No significant change in crypto policies • 25%
Regulatory crackdown on crypto • 25%
Increase • 25%
Decrease • 25%
No change • 25%
Too early to determine • 25%