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China’s Central Bank Has Begun Cautiously Testing a Digital Currency

• thaumasiotes 9y ago
  > A digital fiat currency—one backed by the central bank and with the same legal status as a banknote—would lower the cost of financial transactions, thereby helping to make financial services more widely available. This could be especially significant in China, where millions of people still lack access to conventional banks. A digital currency should also be cheaper to operate, and ought to reduce fraud and counterfeiting. I don't understand the article's point. Everyone including Chinese banks already uses digital fiat currency. My bank account is full of digital fiat currency going under the name "US dollars". They have exactly the same legal status as banknotes -- in fact, they are so similar that they are considered to be exactly the same thing.