China is light years ahead of the United States in doing away with old-fashioned paper money. Now China's central bank is preparing to test a digital currency. And some observers say it could mark the beginning of a new, economic arms race, challenging the supremacy of the U.S. dollar. Already, hundreds of millions of consumers in China have grown used to paying for purchases without cash, using popular smartphone apps like WeChat and Alipay. "Everything is immensely convenient" in China, said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics. "You pretty much only need these two apps to do just about anything. You walk into a restaurant, scan a code and order your food. You don't have to wait for a waiter. All...
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China To Test Digital Currency. Could It End Up Challenging The Dollar Globally?