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China making rapid strides in digital currency project

China making rapid strides in digital currency project

The People’s Bank of China (PBOC) has been working on developing a national digital currency, and is currently testing the digital yuan that aims to replace some of the cash in circulation. A PBOC director said interest in the digital yuan is ’very strong and everyone is paying close attention.’ 200 million yuan ($30.4 M) of the currency is already distributed in pilot projects across the country.

kaleb 2 weeks

Imagine posting somewhere ,"maybe China should stop harvesting organs from living people." And suddenly your bank account is empty, and you can no longer buy or sell goods.

Yoshiki 2 weeks

Only reason they are doing this is, money is leaving China in an alarming rate. They wanted to control the outward flow of money for years but can't due to underground black market money services. People also hide bricks and bricks of cash at home together with valuables, some because of corruption, some simply because they don't trust banks in China. It's all to take away more privacy from it's people, more and more it's becoming a paradise for dictators.

Alex 2 weeks

While cryptos are all well and good, the idea of replacing physical, untraceable dollar bills will never take amung traditionalists, or anyone who recognizes the threat of EMP, tyranical government, or even cyber threats, since it sounds like China's "yuan" won't be doing anything blockchain related like Bitcoin does. Still interesting, but it won't shatter the US dollar like the first tech article thinks.

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