How China Is Closing In on Its Own Digital Currency: QuickTake – Bloomberg – Gooruf


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Photographer: Andrey Rudakov/Bloomberg QuickTake How China Is Closing In on Its Own Digital Currency Bloomberg News September 8, 2020, 12:00 PM EDT How China Is Closing In on Its Own Digital Currency Bloomberg News , September 8, 2020, 12:00 PM EDT SHARE THIS ARTICLE Share Tweet Post Email Photographer: Andrey Rudakov/Bloomberg Photographer: Andrey Rudakov/Bloomberg While there’s no launch date yet, the People’s Bank of China is likely to be the first major central bank to issue a digital version of its currency, the yuan, seeking to keep up with — and control of — a rapidly digitizing economy. Unlike cryptocurrencies such as Bitcoin, dealing in the digital yuan won’t have any presumption of anonymity, and its value will be as stable as the physical yuan, which will be sticking around too. […] In Suzhou, some government employees have received transport subsidies in the form of digital currency, and McDonald’s in Xiong’an accepts payment with digital yuan, according to the Global Times newspaper. […] In late August, China Construction Bank Corp. made its digital currency wallet services temporarily available online to its customers — probably by accident. […] Commercial lenders would deposit 100% worth of reserves at the central bank in exchange for digital currency, which it then distributes to retail users.

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