Like this guy
"payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP).
It’s really a digital version of China’s official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency. "One day everyone in the world will be using DCEP,"
I don’t think it can happen because no western country or allies want it to happen. Unless there is a cataclysmic event that forces it to become the best or only option.
Ewww no. Over my dead body.
Another Tango42 Topic Saved!
I’m halfway into Disunited Nations by Peter Zeihan. In it he says Nah to new up and comers in the money of record race. The US$ is not even close to being threatened. Who in their right mind would have faith in the continuity of a Chinese currency?
No one.
But does he talk in the book about some kind of cataclysmic event that could force it or at least encourage it?
Noop. He says even the Euro has made itself popular…within the EU. And they still use US$ for outside trade.
Actually, no, he did mention it when he was speculating what it would take for China to do what it says it wants to do. The cataclysmic event he describes though is China falling apart as it overextends its resources and reach.
But many question whether it will succeed and there are concerns that it will be used by Beijing to spy on citizens.
…
Many Bitcoin enthusiasts fear that DCEP will be used as a tool by the Chinese Communist Party to exert greater control over their citizens through surveillance. The authorities will be able to monitor how money is spent in real time. They will also have the same controls over DCEP as with the yuan.
Anything that makes cryotocurrency more popular is good. The Chinese one sounds like a chemical detergent though.
It’s just data to make the experience better and they get to decide what’s better.
“Why have you purchased so many used condoms and why do you fly to Vietnam so often, Mr. Zhuang?”
The PBOC, China’s central bank, would be able to see where the money goes. The PBOC has also indicated that it could put limits on the sizes of some transactions, or even require an appointment to make large ones. Some observers wonder whether payments could be linked to the emerging social-credit system, wherein citizens with exemplary behavior are “whitelisted” for privileges, while those with criminal and other infractions find themselves left out. “China’s goal is not to make payments more convenient but to replace cash, so it can keep closer tabs on people than it already does,” argues Aaron Brown, a crypto investor who writes for Bloomberg Opinion.
Every time they crack that window, money flies out and it gets slammed shut.
A-A Ron is right.
I imagine the CCP would love to have absolute control of the banking system and linking the yuan directly to their social-credit system.
Isn’t this already in effect already? I thought you can’t even use cash to buy things in big cities?