digital currency

PBOC sees digital currency issuance and control as a new battlefield for conflict between sovereign states.

Running silently beneath the outcry over TikTok and We- Chat is the advancement in the development of China’s sovereign digital currency — the Digital Currency Electronic Payment or DCEP.

This follows efforts by other countries - notably neighbouring China - to develop digital currencies

China, one of the world's least cash intensive countries, moves one step closer towards a central bank digital currency.

Unlike cryptocurrencies, which use distributed ledgers and strong cryptography to capture details of coin ownership and transaction, PBOC favours a centralised ledger model that will record and monitor transactions.

 In March, the World Health Organisation (WHO) confirmed that banknotes may carry the coronavirus for several days and advised the use of contactless payments instead.

(Nov 25): Last week, in Beijing, I went to the bank. It was unusual for two reasons. Firstly, because bank branches have almost become redundant with the widespread penetration of WePay. They will become less important from a retail perspective as China p

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