China’s system is not even the most advanced CBDC in the world. Both Cambodia, with the “Bakong”, and the Bahamas, with the “Sand Dollar”, have more comprehensive CBDCs rolled out at a wider scale, according to a report by accounting firm PwC. China, however, is the first major advanced economy to start implementing a digital currency at any scale, and its ambitions seem to far exceed those of the established players in the field.
