Tensions between China and the US will continue to grow as the US fights against Chinese manufacturing, and now also compete in the digital realm. This could lead to China’s monopoly on digital currency across the globe – giving the country more power than ever before. China’s plans to take digital currency nationwide by 2022 sets the stage for its digital currency to be accepted internationally in the near future. Digital currency has mostly been decentralized, so new privacy concerns are inevitable now that the government has access to all transactions. The popularity of China’s program and the possibility of international transactions make the Renminbi a strong competitor against the US dollar as a global currency.Ĭhina’s central bank will begin to see more powers, which could include monetary policies to help grow the economy, or policy to manipulate citizen spending. diversity to the current mobile payments duopoly of Alipay and WeChat Pay, which. After hearing of China’s successes, the US has finally begun looking into a digital currency program through central banks. a new payment technology: central bank digital currencies (CBDCs). As of December 31, 2021, there had been more than 8.0851 million eCNY (China's Central Bank Digital Currency or CBDC) pilot scenarios, reaching 261 million personal digital wallets and a total transaction of 87.565 billion yuan (US13.78 billion), according to Zou Lan, director of the financial market department of the People's Bank of China at a conference on 18 January 2022. More than 60 countries around the world have implemented digital currency programs. Many users said the experience was so similar to existing digital payment options like Alipay and WeChat Pay that it would not be hard to switch if eCNY were to go nationwide.
To spend the money, users could use an eCNY app at selected retailers.
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People were invited to the trial through a lottery on WeChat (or other apps) to receive a balance of 200 electronic Yuan, about $30. This could also signal competitive devaluation in the future.Ĭhina’s central bank, which began testing eCNY last year in four cities, recently expanded those trials to bigger cities such as Beijing, Shanghai, and now Chengdu. The possibility of international digital transactions makes China’s Renminbi a strong competitor against the US dollar as a global currency, and a new way to expand its influence.
Government officials have hinted the eCNY will go nationwide at the 2022 Beijing Olympics. This week, China expanded these trials to Chengdu, the fifth most populous city in the country, where the government will be distributing almost $6 million worth of digital yuan. Secretary of State Antony J.China has become a key leader in digital currency with three large-scale projects of distributing digital Yuan, valued at $1.5 million total. All of these false-flag operations, all these provocations to create justifications - all that is already in train.” ( U.S. “Everything leading up to the actual invasion appears to be taking place. BlackRock wouldn’t explore something if there wasn’t demand for it." ( CoinDesk columnist George Kaloudis). Whatever the catalyst, I think the news is far more important than people are giving it credit for. Maybe enough Zoomers pestered their high-net-worth parents about cryptocurrencies at dinner tables until it hit a tipping point.
Maybe it was Jump Trading finally diving into crypto in September.
"Maybe crypto’s total market cap settling somewhere between $1.5 trillion and $3.0 trillion for the last year or so changed minds at BlackRock. We continue to believe that this is a phishing attack that originated outside of. Before the pandemic at least, payment providers and retailers around the world clamored to accept Chinese digital wallets, primarily to facilitate spending from Chinese tourists on their networks and in their stores. "Our leadership, engineering, and security teams are communicating with affected users to gather details. So far, Alipay and WeChat Pay have only succeeded on one side abroad: merchant acceptance.
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