<p>How big a deal is it? And what are they actually doing? Sung had some surprising answers.</p><p>"So I think the world kind of noticed on Oct. 24 when [Chinese President] <strong>Xi Jinping</strong> stood up and basically announced two major things for that week," <a href="https://www.coindesk.com/prof-michael-sung-talks-about-the-rise-of-the-digital-yuan">said Sung</a>. "First, there was something called the fourth plenary sessions for the CPC (Chinese Communist Party). It's is one of the most important high-level government meetings to decide the strategy of what's happening in China. Then they said they're going live with the digital currency that they had been in planning since 2014."</p>
