China’s Digital Currency Poses Security Risks the West Can’t Ignore

A customer (C) scanning a QR payment code to pay at a restaurant in Beijing on Oct. 28, 2020. Nicolas Asfouri/AFP via Getty Images

Commentary

The regime in Beijing recently completed digital yuan testing in a seemingly innocuous manner. In the southern city of Shenzhen, the Chinese Communist Party (CCP) distributed 10 million digital yuan to 50,000 residents in the form of virtual “red envelopes,” a whimsical reference to gifts of money received on the Lunar New Year.