Digital Yuan Explained: What It Will Mean To You?
Tourists or business visitors to China may have struggled with WeChat or Alipay since both payment platforms require a China-registered credit card or bank account. With digital yuan, visitors – such as to the Winter Olympics 2022 – would find it much easier to use Renminbi.\n\nChina is turning its money digital. This is the first state-owned digital currency, the polar opposite of bitcoin which is decentralised and anonymised. Digital yuan is stored in one’s phone on a digital wallet app and does not even need reception to make transactions. \n\nThe digitised format makes it theoretically possible for authorities to track every single transaction. \n\nWATCH the full episode of Why Is The Yuan Going Digital?: https://youtu.be/UcvrzouhKTs \n\nAbout Money Mind: Tips for investors, business ideas for businessmen and comments on the economy, markets, companies, financial products, and trends.\n\n\nFor more, SUBSCRIBE to CNA INSIDER! \nhttps://cna.asia/insideryoutubesub\n\nFollow CNA INSIDER on:\nInstagram: https://www.instagram.com/cnainsider/\nFacebook: https://www.facebook.com/cnainsider/\nWebsite: https://cna.asia/cnainsider
JD.com becomes the first online platform to accept China’s digital currency
Chinese e-commerce company JD.com Inc said on Saturday that it was the first virtual platform in the country to accept Beijing’s local digital currency..
JD Digits, the fintech division of the company, will accept digital yuan as payment for certain products at its online mall as part of an experimental digital yuan distribution to citizens of Suzhou, located near Shanghai, according to an official WeChat account..
China’s digital yuan is one of the world’s most advanced initiatives «central bank digital currency», as authorities around the world respond to threats from private currencies such as Bitcoin and Facebook’s Libra.
Under this program, municipal authorities and the People’s Bank of China (PBOC) will issue «red envelopes» 200 RMB 100,000 consumers to be selected through a lottery.
The Suzhou Project is the second such digital lottery after the NBK issued RMB 10 million of digital currency to 50,000 randomly selected consumers in the southern city of Shenzhen.
Chairman of the People’s Bank of China And Gan (Yi Gang) said last month that more than 2 billion yuan have been spent using China’s digital currency to date in 4 million separate transactions..