The Central Bank of China will soon begin issuing a crypto-like digital Yuan designed to be independent of the global financial system, the WSJ reports. The decision to start phasing in a digital currency in mostly cashless China comes amid a global rush to issue central bank backed digital currencies. But some have raised concerns over the currency’s potential to increase Chinese government oversight on domestic transactions and allow more control over the economy through certain features, like programming the currency with an expiration date to spurr consumer spending when necessary. The currency would also allow the country to skirt US-imposed sanctions and challenge the dominance of the USD, with former IMF staffer Josh Lipsky calling the currency “a national security issue [that] threatens the dollar over the long term.”

Sweden will also begin testing its e-krona with commercial banks over the coming year, expanding the use of its central bank digital currency beyond the central bank which has been running a pilot program for the currency for the past year, Reuters reports. While “the technology provides new possibilities,” it remains unclear how it will fare in “processing retail payments in the magnitude and with the safety level required,” Sweden’s central bank, Riksbank, said in a statement.

The EGX30 rose 0.1% yesterday on turnover of EGP 888 mn (37.2% above the 90-day average). Local investors were net buyers. The index is down 5.4% YTD.

In the green: Ezz Steel (+2.2%), Emaar (+1.8%) and Fawry (+1.1%).

In the red: Pioneers (-3.2%), Qalaa Holding (-3.0%) and Abu Qir Fertilizers (-2.0%).