China To Test Digital Currency

(Beijing) -- China is planning to test its own digital currency soon. 

The nation is already increasingly more cashless, with hundreds of millions of Chinese accustomed to scanning an app to make a payment. 

Experts say China is ahead of the U.S. in this regard because it had to come up with its own payment system in the absence of a system built on credit cards. 

The Chinese Central Bank accelerated its plans for a digital currency after Facebook announced last year it was also planning its own currency.

Unlike currencies like bitcoin, the new Chinese digital money won't be anonymous. The government will be able to monitor every transaction. 

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