HERE IS A good chance that the digital yuan will enter circulation in 2021. It is a debut that will initially make little difference, but could, over time, change the way central banks conduct monetary policy.
The People’s Bank of China has filed more than 100 patent applications for a digital currency and has overseen a range of trials, putting the e-yuan into use in a few cities and on several apps. So far the experiments have gone smoothly, and soon people will have the option of downloading a government-issued digital wallet. Unlike commercial ones such as WeChat Pay and Alipay, the official version will be equivalent to an account at the central bank with the same solidity as hard cash.
For the millions who already use a smartphone instead of a debit card, it will feel like just another payment app. Yet some talk of digital currency as a revolutionary product that could spell trouble for banks as people withdraw money from savings accounts and put it directly into their ultra-safe official e-wallets.
In China the central bank is not trying to reinvent monetary policy—at least not yet. Its motivations derive from more immediate challenges. Given the rise of mobile payments, it worries that the big tech platforms have too much power. The digital yuan will offer an alternative. It will also give China a conduit for moving money across its borders without having to rely on swift, a global payments system that comes under American influence.
XeuleBot
. Ban Bitcoin nontransparent, good for shopping dark web & EVIL. In god or dog we trust ALL others pay cash. Do NOT need another currency DO NEED transparency accountability. BadXI
Once when international digital currency became a norm, U.S dollars will worth like yesterday's newspaper.
How can we sabotage this, fellow Americans?
I still can't tell the difference between digital currency and e-payment.
Commie coin.
Centralized crypto is the very antithesis of the future. Decentralized currency is the way.
I wonder how anyone can pay anything with digital currency if there is a prolonged internet outage like many of us are experiencing now...
ISI Pakistan is the producing factory of terrorists. They train and equipped them and send to Afghanistan to kill the innocent Afghans.
And control the people, this is the no1
The west will take a while, but real/physical currency is going the way of 8-tracks. In China it's already difficult to buy anything with cash.
One world Currency should begin towards the end of Armageddon Biden Presidency.
wow
mauricioparis good
I’m sure they have a back door password to all the accounts
They'd finance the clouds.
Isn’t this the plot of Mr Robot? Hah
Reverse ask/ what new agency would the citizens of the world acquire 🐒
Bartering will make a comeback for sure. It'll have to, It's inevitable. 'Fix my car I'll do your plumbing'
The dominance of $$ as we know it is going to end soon.. if not now, in the next decade or so. No prizes for guessing what will replace it.
My reason for only excepting criminal accountability in this case is the behavior of the criminals. They will sexually assault and commit more crimes. They are not deserving of a break! Will you help me get a FBI/FBIPhoenix/TheJusticeDept investigation?
Buy bitcoin
Dictatorship power to manipulate all human
Notable changes.PRINTING of currency is avoided ,U can track TRANSACTIONS And CRIMES will REDUCE FOR A BETTER TOMORROW.
Being able to selectively deactivate anyone's money in milliseconds? Transfer it to someone else? Prevent them from buying food? Confiscate all their holdings to pay off loans?
I noticed that Dogecoin jumped today. Is Dogecoin the next Bitcoin Dogecoin Was at $.003 and then at $.008518/Then at $.01 and dropped back/Then at $.024647/Right now at $.042+ Will Elon Musk's prediction be realized at$1.00? Maybe so. Bitcoin $32,966/$50,000?
Bitcoin will collapse? Or if China is smart enough and says interchangeable with Bitcoin... Bitcoin will boom?
dogecoin 🚀🚀🚀🔥❤️ tatcoin 🚀🚀🔥💕
good
Powers? Yeah Austin Powers get t F out oh here
The Fed is working on an e-currency also.
Yup,no cash in the future means even more power and clampdown by the govt.
$ETH blockchain?
The government has too much power also...
CasandoOVerbo
it does not working
This is significant.
Isn't that the opposite of what it suppose to do 😂😂😂😂😂😂😂😂
Long EOS
Definitely a plan you can trust.
Make sure it doesnt have any virus. They are gud at tht..
No Brasil isto já é possível há um bom tempo.
Ni tu confías en China....ni china confía en ti.... estoy cansado....enseñar las pautas cartas faroleros....
Why was Trump banned?
Kinda misses the point no?
Meet one of the accomplishments of COVID-19. China couldn’t pull this stunt months ago
I’ve been hoping we’d modernize our payment systems with something like Wechat. Maybe this will bulldoze the way forward for countries outside of China
Will make no difference as Chinese banking system is a mess.
Xrp
Hannia_zia pakpmo
The Cabal 'Cashless Society' biggest pilot...
Unstoppable. Fantastic. imrankhanPTI
China jumping onto the Bitcoin train
That's why they always ahead .... We build walls they build ewallets
eprolificxyz eprolific1 Ejos101
In unrelated news, Hunter Biden opens up an e-wallet account.
tomasltorgal
xrpthestandard 🏆🌐
🙄😓😰 Sure they'll continue with the destruction of the rest of the world's health, finance , environment , et al
justinzgoh how can china move the digital yuan ... without an intermediary? will the neighboring countries accept the yuan as payment?
feistsheindlin1 we are left in the dust
aswagalmal
川普打草惊蛇，必然是美国需要承担成本。美国拿不下阿富汗和伊拉克，有资源拿下中国吗？川普是让美国加速破产的节奏，难怪被中国人称为：川建国
Dogecoin this will be us one day
🤪😂😂
And presumably capture the data?
Russia will be next
Big step for e-money 🌍
I have been tell CyrilRamaphosa n his predecessor that we need e-currency to stop corruption. This will allow the government to monitor the movement of money n prevent over spending. But as they u can't teach n old dog new stricks
POTUS
Removing SWIFT is a big move indeed. Huge shot across the US bow.
BITCOIN IS STARTING TO RUN BACK UP!! Who is ready for the next pump!! 💪 Let's go crypto cadets!! 👨🚀🚀 bitcoin
$XRP!!!!
Maybe more countries should follow this example? I guess this is only the beginning of the play ♟🀄
Once again China blazes the trail
They actually attempted Xi coin already last year, even taking it to such an extreme as forbidding the use of cash to get it to stick. According to dissidents, it's an utter disaster. Apparently they're trying to reboot it.
Just another measure of Control...CCP will have control of the people and it will spread around the world!
Total control total catastrophe total communism.
Zoom money...PayPal Panda version
China is way ahead of everyone else.
BenJMuus Big Tech having too much power that was given to them has nothing to do with this attempt at enslavement. They had this in the works anyway. Nice try, though. globalcurrencyreset karenhudes
So...basically Panda PayPal? Still central bank controlled FIAT currency - just online format.
Well, I believe most countries are waking up to big tech heaving too much power.
Soon to become standard all over the world
The spread of digital currencies could become a weapon to kill the hegemony of the US dollar.
With Biden in power, soon the world will know how much we can trust a communist regime that slaughters it own people.
Welcome to communism... soon to be imported to the US.
No Brasil ja é assim.
USA 0 - 3 China
TokunboAdesina I see this as an impact maker towards the bitcoin and other crypto's. What's your view
Simply because it's the CCP doesn't mean they mightn't be right.
Winnie the Pooh is trying to prop up his economy
Creating efficiencies everywhere all the time ... and getting richer by the minute. Many of us in the West would rather waste energy ‘demonising’ rather than learning from Asia.
Just a way to control all money
The West has better get its act together with digital currencies like Bitcoin, or it risks being left far far far behind by the like of China. Fortunately many money tycoons have realized that--why the price of Bitcoin is rising dramatically.
lgambardella cc BRICScyber cyberBRICS
Once again, this is a digitalised RMB it dose not means you've creat any new account and it can also be transfered to other offline.
It seems that Covid19 was all spread around the world on purpose...
China trying to avoid dollars in international transaction. I doubt Americans will sit and watch.
ooops, 1st step to wipe out the helicopter dollars, keep doing it, China!
Any country without digital territory will be the slaves of Facebook and Twitter.
More good news please(((
Jesus wept! 😳
How is the Petro-Yuan doing?
Charge Fees
The Economist is unprofessional. That’s not how digital wallet works in China. It’s just a “digitalised money” and has no affect on banks.
Electric power?
Easy: Power over us and the strengthening of the relationship between banks and governments.
Then Chinese people’s wallet will be perfectly controlled by CCP
Fuck China 🇨🇳
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Banks will have to adopt digital currency or go extinct.
It is trending.
Do you love the ccp or do you love the ccp i can’t tell
You are Chinese propaganda
Shame about your Bitcoins?
A communist e-currency will not be replacing the dollar anytime soon.
At the same time while waiting for digital wallet.
be obedient or go bankrupt in a second.
Their only way to try and displace the US dollar as the global currency, but it won’t be successful.
and the venezuelan petro ?
Sure. Load that government app made by a Communist country.
Thank God !!
That's very cool and interesting, but terrifying at the same time.
Our Lefties in government will soon feel the same way about Big Tech. It's approach to corralling Big Tech will be very interesting.
Good job USTreasury 👏 While the United States are trying to play catch-up. We lost the most valuable race of all time.
ま？
I have written about this currency model few months ago and send China now have launched.
Como no espabile la UE y USA...
Trust in China, yeah right!
This!!
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