China's Digital Yuan Struggles to Gain Traction Among Workers

Despite government efforts, employees prefer converting digital yuan into traditional cash, citing privacy concerns and limited usability.

State employees in China convert digital yuan to cash due to its non-competitive features compared to established payment platforms like Alipay and WeChat Pay.
Concerns over privacy and traceability deter widespread adoption of the digital yuan, even with government promotion.
Pilot programs in cities like Suzhou show reluctance among workers to use digital yuan for daily transactions.
Despite the potential to curb corruption, the digital yuan's limited acceptance in stores makes it less appealing.
No set timeline for a national rollout as the digital yuan faces challenges in replacing traditional and well-established payment systems.