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Virtual control: the agenda behind China’s new digital currency
Although no official launch date has been announced, China is intent on becoming the first large economy to introduce a digital currency, showcasing its position as the global leader in payments technology to the world at next year’s Winter Olympics.
China’s digital plan dovetails with broader ambitions for its currency as Beijing hopes the
technology will help promote the renminbi internationally and weaken the US dollar’s
supremacy.
China’s digital renminbi is a “central bank digital currency”, making it in some ways the
opposite of cryptocurrencies such as bitcoin. Its digital format enables the central bank to track all transactions at the individual level in real time. Beijing aims to use this feature to combat money laundering, corruption and the financing of “terrorism” at home by strengthening the already formidable surveillance powers of the ruling Communist party.
Source: Financial Time #Feb17
https://www.ft.com/content/7511809e-827e-4526-81ad-ae83f405f623#uk
#DigitalYuen #China #CBDC #DigitalRenminbi
Although no official launch date has been announced, China is intent on becoming the first large economy to introduce a digital currency, showcasing its position as the global leader in payments technology to the world at next year’s Winter Olympics.
China’s digital plan dovetails with broader ambitions for its currency as Beijing hopes the
technology will help promote the renminbi internationally and weaken the US dollar’s
supremacy.
China’s digital renminbi is a “central bank digital currency”, making it in some ways the
opposite of cryptocurrencies such as bitcoin. Its digital format enables the central bank to track all transactions at the individual level in real time. Beijing aims to use this feature to combat money laundering, corruption and the financing of “terrorism” at home by strengthening the already formidable surveillance powers of the ruling Communist party.
Source: Financial Time #Feb17
https://www.ft.com/content/7511809e-827e-4526-81ad-ae83f405f623#uk
#DigitalYuen #China #CBDC #DigitalRenminbi