Not Binding to a Bank Account, China will Push Digital Currency in the Greater Bay Area, Aim to Replace Notes and Coins.

In July, Lithuania, an Eastern European country, was the first in the world having a digital currency issued by Central Bank. Now China's Ministry of Commerce is preparing to launch a test on digital Renminbi. It announced the proposal of "Overall Plan for Comprehensively Deepening the Innovative Development of Trade in Services" yesterday, which stated several eligible regions across the country to become digital RMB test sites.

These test sites include the Jing-Jin-Ji region, Yangtze River Delta region, Midwest China, and the Greater Bay Area (Pearl River Delta). The People's Bank of China (PBoC) will formulate policies to support the development of the digital currency, then will promote in Shenzhen, Chengdu, Suzhou and the Xiongan New Area, as well as in the winter Olympic venues, before expanding to other regions, based on the results in these pilot areas. The PBoC has collaborated with multiple internet companies, such as DiDi and Meituan Dianping, to study the application of digital currency.

Fan Yifei, Vice Governor of the PBoC, said that China's digital Renminbi was the effort to replace banknotes and coins, and to maintain the attributes and key features of banknotes while satisfying the need for portability and anonymity. Unlike WeChat and Alipay, which are popular in China, digital RMB does not require any bank account or bank card to be tied for payment.

At the video conference held by the PBoC on August 3, it mentioned that the testing of the digital currency had started smoothly, and would actively promote its research and development (R&D) in the second half of this year. Although the digital RMB was being tested on a pilot basis, the Governor of the PBoC, Yi Gang, stressed that this was just part of the R&D process. It does not mean that China officially launch the digital RMB, nor there is a timetable for its launch. He believed that the research, development and application of legal tender could meet the public's demand for legal tender in the digital economy and enhance the convenience, security and anti-counterfeit standard of retail payments.

#Renminbi #DigitalCurrency #PBoC

Source: Unwire #Aug15

https://unwire.hk/2020/08/15/digital-rmb-trial-confirmed/life-tech/

#OpinionArticle #TangHao

Why does the Chinese Communist Party (CCP) accelerate launching digital Renminbi (RMB)?

Editor’s note: Below is a summary but very close to the script of the first part of the video which is about digital Renminbi.

(15 Aug) The Ministry of Commerce of the People's Republic of China had an announcement on 14 August about "Complete intensify trial locations for a new transaction service with innovative technology". 28 locations in China have been selected as trial locations to promote digital RMB. Besides the first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, sites include Yangtze River Delta Economic Zone, Guangdong-Hong Kong – Macao Greater Bay Area (GBA), Urumchi, Xian and Midwest Chinese cities, etc. In April this year, Chinese National media reported that the trial campaign of the digital RMB in a closed system has already been started in Shenzhen, Suzhou, Xiongan New Area and Chengdu. We have discussed that in our channel. Just less than four months till now, CCP can't wait anymore to extend the trial location to 28 places over China. CCP's reaction shows the urgency in launching digital RMB. We have many newly joined subscribers on this channel. Let's have a revision of some key points first.

1. Easy to manipulate the quantity of currency and stimulate the economy

2. Tracing in all dimensions results in surveillance civilians

3. Control capital movement and prevent capital outflow

4. Restructure economy with “waste banknotes”

5. Establish a new currency system to confront USD and avoid sanction

6. Expand the penetration internationally for the United Front and surveillance the world

Full Translation:
https://telegra.ph/Why-does-the-Chinese-Communist-Party-CCP-accelerate-launching-digital-Renminbi-RMB-08-30

Source: Tang Hao’s Crossroad of the World Youtube Channel
⬇️⬇️⬇️Watch
https://youtu.be/dylZZJJldaU
Translated by: Hong Kong Echo

Further reading:
China’s State-Run Banks Reportedly Testing Wallet for Digital Yuan
https://bit.ly/3jwlS30

#DigitalCurrency #RMB #Sanction #Surveillance #SWIFT #Banknotes

Of course we have #memes to go with that heavy piece of info

In short: digital yuan is just more ways for ccp to control its people.

#ccp #digitalcurrency #digitalyuan #china #jackma #tencent #alibaba #wechatpay #diyms #english

Expert on Risks of #DigitalCurrency
🚨📲💴💵💶💷🚨
https://mb.ntd.com/expert-on-risks-of-digital-currency_604123.html

In this special report, we discuss #China’s ambition to dominate the global monetary system. The Chinese regime is speeding up its plans for #DigitalCurrency.

⭕️ Watch on #EpochTV 👉https://ept.ms/3ywraUv

A company with ties to the #ChineseCommunistParty owns 130,000 acres of land in #Texas—right next to America’s largest air force pilot training base.

And in other news, why should America be concerned about China’s emerging #DigitalCurrency?

🔴 Watch on @EpochTV 👉https://ept.ms/3fRNorz

With multi-trillion dollars in spending at the federal level for #COVID19 bailout packages, and with additional spending planned on policies including the infrastructure bill, there's now talk of #PotentialInflation. And as #China pushes its new #DigitalCurrency, and is trying to reform the global financial model, the stability of the US led financial system is being called into question.

🟣Tune in here for the full episode 👉https://ept.ms/2VnuWRj

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What’s about the #ccp digital #currency? Well, #surveillance, surveillance and surveillance. Knowing where, when and how everyone spent - that’s a very good mapping of a person’s life. That’s what the CCP wants.
#china #fuckccp #boycottchina #digitalcurrency #boycottbeijing2022 #rmb

#China is pushing a unique financial campaign: urging Chinese citizens and businesses to start using #DigitalCurrency across the nation. And once that’s done, it has plans to promote that digital currency worldwide, eventually looking to achieve international use.

But why go through all the trouble?

⭕️ Watch the special report on @EpochTV👉https://ept.ms/ChinaDigitalCurrency
⭕️Sign up with your email today to get FREE videos on @EpochTV👉https://epochtv.com

#China is pushing a unique financial campaign: urging Chinese citizens and businesses to start using #DigitalCurrency across the nation. And once that’s done, it has plans to promote that digital currency worldwide.

⭕️ Watch the special report on @EpochTV👉https://ept.ms/ChinaDigitalCurrency

Examining China's digital currency ambitions

🔥China in Focus👉https://youtu.be/4hKpItADzu8

“Imagine if the Chinese government had access to every Tom, Dick, and Harry in America … and they have the ability to know where your bank account is, what it looks like, what your income is, and if you’re in financial difficulty.”

China’s new #DigitalCurrency, the e-yuan, is the “single largest threat to the West in the last 50 years,” says #KyleBass, founder and chief investment officer of Hayman Capital Management.

🔵 Now on @EpochTV 👇
https://ept.ms/10412KyleBass

🔵 Try 14 Days Free 👇
https://ept.ms/FreeTrialEpochTV

One of #China's top global ambitions may be seeing a setback. According to a former official from the country's #CentralBank, China's #DigitalCurrency is little used.

⭕ Watch the full episode 👉https://ept.ms/CorpsesKeptatHome