Digital yuan, Alipay, and WeChat Pay; Chinese digital currency explained
What is digital yuan? It’s essentially paperless money the Chinese central bank controls. Chinese regime is trying to get rid of cash. China already leads the world in cashless transactions with mobile payments accounting for 80% of all payments. So how will the Chinese digital currency make a difference in an already cashless society? Most of the cashless transactions took place on Alipay and WeChat Pay. But the Chinese regime isn’t happy that the private sectors are controlling consumer data and not sharing it with the central government. Didn't we just see Jack Ma’s Alibaba being fined $2.8 billion dollars for anti-trust violations? Having digital yuan is like carrying a camera on you that allows Chinese digital surveillance 24/7. Combined with its face recognition and AI technology, China’s goal is to bring the world closer to its "community of common destiny.” The Chinese digital currency strategy has 6 specific goals behind it, three domestic and 3 international.
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References:
https://www.reuters.com/articl....e/china-swift-pboc/s
https://www.cnbc.com/2021/03/0....5/chinas-digital-yua
https://www.voachinese.com/a/c....hina-digital-currenc
https://www.finextra.com/newsa....rticle/36862/will-ch
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