Chinese Digital Yuan

Chinese Digital Yuan Today's topic is about digital currency, In this topic we are going to talk about china's digit...

Chinese Digital Yuan

Today's topic is about digital currency,

In this topic we are going to talk about china's digital yuan,
How its made, What's the Motive of Digital Currency and how it can digitalize the world of financial transaction ?

Money is rapidly becoming digital in today's world, with no end in sight.

What we have here today is a Chinese digital currency which is a digital version of central bank authorized renminbi ,also known as CDBC. Central Banking Digital Currency

As this currency is regulated by central banking system it helps monitor all transaction and they are pretty secure which has same value as Chinese paper currency. Chinas digital currency is more secure than WeChat pay , Alipay and even western credit cards. China's digital currency will give Chinese government power to financially censor their peoples on how to buy where to buy and what to buy only if its against their law but Chinese government has not developed this currency to censor their citizens or to have control over them financially, they have the largest population on this planet and they need better banking solutions for their 1.4 billion citizens, many of them living in the rural areas where they don’t have access to a t m and local banks so this currency could play an important role for more inclusive and affordable everyday transactions.

China's digital currency might change the way we see money in upcoming future. China started talking about having their own digital currency for the first time in 2013 ,the same year WeChat application was developed as a mobile payment wallet which is widely used in china this days. First 4 years until 2017 the progress of making digital yuan seemed pretty slow but in 2020 they launched a trial in 4 Chinese cities with hundreds of merchants. During this years as we know bitcoin hits it highest and the whole world was running towards cryptocurrency, a mass information was there how a future of financing will change in upcoming future. Mobile payments also topped the record transaction in china after lockdown and u s sanctions

WeChat pay and Alipay were those two giants doing all those transactions. having threat of the monopoly created by this two giants was also one of many reasons for china to create this digital yuan, two private sector as this two payment platform was ruling over china.

Chinese digital yuan are regulated by central banks of china where china has full control over there citizens financial history's so here we can understand that china is indirectly supporting traditional financial institutions rather than new tech giants. They don’t want private sectors having control over their citizens and now its up to you to determine whether its right or wrong but no country in this world might give power to control their citizens financial histories for several billionaires.

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