Why Should We Care About Digital Currencies? China | Opinion Bonnie Glick and Erik Bethel On 4/28/21 at 6:00 AM EDT
The world seems awash in cryptocurrency fever. Bitcoin prices have risen more than fivefold since the pandemic started, creating a wave of interest in digital assets. But this crypto-sideshow has been diverting our attention from the main issue the fact that Beijing has spent the last eight years creating a digital version of the Yuan, and through it, seeks to control its citizenry, export digital authoritarianism and threaten the U.S. dollar as the world s reserve currency.
Central banks worldwide have been discussing digital currencies for several years, but few countries have been as singularly focused on the issue as China. Over the past decade, Chinese paper bills and coins have all but disappeared. They ve surrendered to WeChat and Alipay QR codes on smartphones. The Chinese digital Yuan project also referred to as the Digital Currency Elect
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China s digital yuan expands from consumer payments to business scenarios
Zhang Hongpei Published: Apr 26, 2021 09:08 PM
China s central bank and the municipal government of Suzhou help JD.com test the digital currency for online shopping in December 2020. Photo: Courtesy of JD.com
The application of China s Digital Currency Electronic Payment (DC/EP), also known as digital yuan, which has already been on a fast development track since last year, is taking another critical step forward with new scenarios in the business-to-business segment and wage payments.
JD.com Inc, the country s second-largest online retailer, showed for the first time how it uses digital yuan for its payroll, as well as pilot applications and digital solutions for corporate payments for its supply chain partners, during the fourth Digital China Summit that kicked off on Sunday in Fuzhou, capital of East China s Fujian Province.
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China s Digital Currency Electronic Payment, also known as digital yuan, is expanding usage in more cities.
China s central bank will increase the scale of the pilot projects of its digital currency in more scenarios and more cities, said Li Bo, a deputy governor of the People s Bank of China, at the Boao Forum for Asia held in South China s Hainan Province on Sunday.
Currently, there s no plan to launch the digital yuan nationwide. But the scale of the trial run will be increased, Li said.
For example, the trial of the digital currency at the 2022 Beijing Winter Olympics will not only be conducted among domestic users but also among international athletes, Li added.