Digital Yuan: China is first major economy to introduce central bank-backed digital currency

In May 2020, China became the first major country in the world to introduce a central bank digital currency. Initially only available to select users in trial cities, it is now gaining ground across the country. In parallel, the government is also cracking down on the use and mining of cryptocurrencies. But with the digital payment market already dominated by giants such as Tencent and Ant Group, why is the government trying to enter the market now?