taps on her phone, Lu Qingqing, a 24-year-old office worker, leapt into the monetary future. She was one of 50,000 people in the city of Shenzhen selected late last year for a trial of China’s digital currency, officially called e. She downloaded an app, received a gift of 200 yuan from the government and went shopping for books. The app’s display showed a traditional banknote and her balance, which ran down as she made purchases. “It felt like real money,” she says.
China’s digital currency was first conceived as a way to curb the dominance of the big mobile-money providers. Now three bold claims are being made about it: that it will dramatically enhance China’s surveillance capabilities; that it will allow the state to wield far more control over money; and that it will challenge the dollar for global prominence., and the very nature of China’s economic system, mean that each of these claims is unlikely to be realised soon.
Start with the first claim, that digitisation offers unmatched surveillance abilities, letting the state track people’s spending in real time. It is not entirely wrong. But it is a limited gain for the central bank compared with its existing powers. Most mobile payments today involve a bank card, tethered to users’ accounts on Alipay or WeChat. These must pass through NetsUnion, a central clearing platform. Similarly, any foreign-exchange transaction in China takes place on the China Foreign Exchange Trade System. In both cases regulators can see how people spend in real time. For mobile payments that do not touch the banking system, officials can demand a record and, says an industry insider, may soon require real-time reporting, too.
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Another piece of media nonsense. “China’s digital yuan displaces the dollar-$16 trillion of US dollar deposits may disappear” from Asia times makes much better sense.
All are born ignorant educated to be stupid to vote for SLAVERY TO EXIST. People vote for a president to serve the public NOT ISRAEL'S BANKERS DEBT TO EXIST. 'Money by law' creates SLAVERY, POVERTY AND CORRUPTS ABSOLUTELY.
good
bitcoin will enable them to escape sanctions
No.
Let's do a calculation how much carbon emissions mobile payments in China cuts every year.
horrible
Dam porn hub
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اگر پاکستان میں پی ایم آئی کے کی ناکامی اور انتشار کے بارے میں محمد قاسم کے خواب سچ ہو گئے ہیں تو ، مستقبل میں پاکستان کی ترقی اور خوشحالی کے بارے میں ان کے خواب بھی پورے ہوں گے۔ جانئے کہ قاسم کے خواب کیوں اہم ہیں۔ پر مزید
I'd say so. Once the pandemic has passed Chinese travellers will influence the acceptance of digital currencies worldwide and hence the yuan. What is being nurtured now will grow into a tidal wave in the future.
CNY😻😻😻
this is terrible news
Lol not needed
It's nothing other than a debit card! Unless China is using it to manipulate its currencies by pumping money into the market without gold guarantee.
china economically penetrates to countries without planning a coupe inside.