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Central Bank of China Calls for Increasing Use of Digital Yuan


hegemony
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8 hours ago, hegemony said:

 

It is, bro, the wave of the future.  Besides, nothing wrong with saving zillions of $ by eliminating million-dollar printing presses / coin minting machines and thousands of overpaid federal workers who run / repair them.  

 

China is an interesting place in more ways than one could imagine.  Here they have the Digital Yuan in the news every day.  In many ways, currency here has been digital for a decade already.  I carry 200 RMB (Yuan) in my wallet in the form of two nicely folded up and crispy new 100 RMB banknotes.  In over ten years I have never used them or, for that matter, ever used cash.  Everything from public transport, gas stations, road tolls ... any commercial activity to include sending money to friends / family is via an Apple Pay type app.  Here they have WeChat, AliPay and, to a lesser extent, Apple Pay.  I have yet to see any merchant or, for that matter, beggars that do not have a QR code for you to pay them via WeChat / AliPay.  That also includes online payments.  They also prefer payment via the WeChat / AliPay QR code.  

 

We have a housekeeper and we pay her salary via WeChat every month.  

 

Cash?  Forget it!  Nobody here uses cash.  If anybody here sees you using cash they immediately call the local equivalent of 911 (110) and report a suspicious drug dealer.  

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  • 3 weeks later...
11 minutes ago, IndyPoolPlayer said:

And yet The Regime was making a big stink about Bitcoin, etc. Probably because they can't perform the mass surveillance on Bitcoin like they can with this.

 

Jethro, do you even understand what you are talking about?

 

Even our own government isn't too keen on Bitcoin et al.  Also, governments have discovered that it is possible perform surveillance on Bitcoin, though not at 100%.  When you use your bank account or credit card to buy Bitcoin, only a moron would believe that your bank or card issuer doesn't keep track of your purchase.  Then there are the ever increasing number of platforms that facilitate the purchase of Bitcoin.  Look at Gemini, for example ... do you actually think they do not keep records of transactions?  Then, when you spend your Bitcoin to buy $600 worth of Boone's Farm Apple Dapple and a case of cheap rubbers, the merchant keeps business records of their transactions.  Anonymity is becoming more and more a myth.  

 

Then you fail to understand precisely why Chinese authorities are against Bitcoin.  Key word: volatility.  In a population where around 1/3 of the population lives on an income below the US minimum wage, they try to avoid situations where people speculate on Bitcoin only to go bankrupt.  They had this same problem years ago when the stock market became a thing and millions of people would spend heir entire day in trading rooms watching a big-screen TV with market returns ... and losses.  Many people lost money.

 

To make matters worse, you fail to grasp exactly what a digital yuan is.  China has had digital currency for almost two decades now.  When you go out into Chinese society virtually nobody pays with cash.  There are two predominant virtual wallets here and they are run by private companies -- WeChat and AliPay.  Without these apps on your phone, you are facing a cold, meager and very hungry existence trying to live under a bridge abutment.  I have yet to see any merchant or even normal citizen who does not accept payment via WeChat or AliPay.  Then, there are a large number of. Merchants who will not even accept cash.

 

The government goal with their version of digital currency and e-wallet is based on the premise that private companies can go bankrupt.  Try to use a modicum of critical thinking here ... what happens when you have $10,000 in virtual currency on WeChat and then WeChat goes bankrupt?  To dumb it down even further, what if you have a $10,000 balance in PayPal and when you wake up tomorrow PayPal is bankrupt and disappears?  

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53 minutes ago, IndyPoolPlayer said:

Listen here PLA corporal, you need to get back in line with the rest of the troops before the next Congress. GOT IT??

 

Jethro, does it hurt when you think?

 

Not only do you fail to grasp simple issues with e-currency and digital currency, but now you take it even lower levels by failing to grasp fundamental issues like rank and service.  

 

You should have listened to Uncle Jed and stayed in third grade.  

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