This has been in the works for some time now, showing China’s dedication to moving faster than most other countries when it comes to CBDCs.
Also known as DC/EP, an acronym that stands for digital currency/electronic payment, the digital yuan is a part of a longstanding initiative by the Chinese government since 2014 — when it established a digital currency research institute — to use cryptocurrency-inspired technology to modernize payments, bypass international trade networks and exert geopolitical strength.
The digital wallets processed RMB 1.1 billion ($162 million) across 3.1 million digital yuan transactions between April and August when the pilots launched and ended, Fan said, making it the most widely used central bank digital currency (CBDC) in a commercial setting.
I’m not surprised. They were using fast food chains to test it up until recently. They will probably fully implement it soon. I wonder which country will be next to implement their own digital currency.
Yea, 6700 use cases apparently.
Hooked up to facial recognition, barcode scanning and tap and go payment technologies, the digital yuan transactions spanned over 6,700 types of use cases. These applications included retail, hospitality, transportation, utility payments, government services and electronic versions of red envelopes gifted to healthcare workers in Shenzhen’s Luohu district, Fan detailed.
Fairly extensive.
They’ll probably have it implemented in the whole country soon.
I think we all expected that. More countries are going to implement this.
They have started doing this and all the countries are going to follow their steps for it. Let’s see what is enstored for us all in the future.
The pandemic definitely hastened this process for everyone, I think.
Another pilot complete. 100,000 residents each getting 200 yuan to spend. Not a bad deal for lucky few.
They just gave them 200 yuan?
Has there been any update?
That’s my understanding. Amazing, don’t you think?
And another “giveaway” is in store. Another 200 yuan totalling USD $3 million.
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I wonder when they’d implement it on a large scale.
A couple hundred thousand “volunteers” will get you data, but for a population of close to 1.5 billion, that’s a super tiny sample. They’d need to get more aggressive with larger scale testing to see how the infrastructure responds… or doesn’t.
Indeed. Without a wide testing I am not sure the results would be realistic.
I recently got to know that China has launched digital yuan, known as the Digital Currency Electronic Payment (DCEP). It is going to be a part of China’s plan to move towards a cashless society. It’s a nice move by China considering the popularity of cryptocurrencies all around the globe.
Cashless society and total oversight over who pays for what and how much. It’s the downside of a totally digitized currency.
It recently occurred to me how there will be companies that sell data to advertisers about how much one spends and on what, the way social media and search engine company sell one’s browsing data.
Data privacy will become the new battle front. I can imagine China cracking down on for-profit businesses and foreign businesses, but they (the government) will have complete control of the data side.
Pretty much. New technologies, new problems.
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Mo Tech, Mo Problems.
I got 99 problems, but cash ain’t one.
