China Launches A Digital Yuan Pilot Program

[SoldierMan]

I somehow missed this. Big news.

Digital yuan rolls on as new tests announced in China

China’s plans for a central bank digital currency have taken further steps forward, with the roll out of fresh real-world trials, according to reports.

Dubbed the “digital yuan,” China’s central bank digital currency is already at an advanced stage of development, with several trial phases already completed in cities across the country. Now, authorities in China are preparing for a wider deployment of the digital yuan in a series of new pilot programs.

According to reports in the South China Morning Post, two more trials have been scheduled to be held before the start of the Lunar New Year, with Beijing and Suzhou set to take part in the latest pilots.

Digital red packets are to be distributed in Beijing containing 200 yuan, approximately equivalent to $31. The scheme will see 10 million digital yuan in total distributed across the city, which can be spent by the recipients both online and offline until February 17.

The packets are allocated in a lottery system, with participating merchants accepting the digital currency including clothing and shoes retailers, cinemas and hotels.

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[Polymathic]

Say this three times fast:
You won one yuan?

 

[bromster]

This will be the world's reserve currency within the next decade or two.

They will have the capability to give out cheap loans to poor people all over the world directly, without a middle man, all in digital yuan. China doesn't need to snoop around to get your information, we'll be queueing to give it to them.

This is the smartest geopolitical move we will witness in our lifetime.

 

[SoldierMan]

This will be the world's reserve currency within the next decade or two.

They will have the capability to give out cheap loans to poor people all over the world directly, without a middle man, all in digital yuan. China doesn't need to snoop around to get your information, we'll be queueing to give it to them.

This is the smartest geopolitical move we will witness in our lifetime.

They won't be the last issuing a digital currency though.

But I agree if this does launch how long does the dollar have left as the world's reserve currency. And if China backs their DY with gold it is game over.

Throughout human history whenever a rising superpower has looked to overtake and replace the current superpower it has almost always led to war. Will this time be any different.

 

[B-1]

They won't be the last issuing a digital currency though.

But I agree if this does launch how long does the dollar have left as the world's reserve currency. And if China backs their DY with gold it is game over.

Throughout human history whenever a rising superpower has looked to overtake and replace the current superpower it has almost always led to war. Will this time be any different.

They are already in a digital war whether that will spill over into a physical one is the question