This is not decentralization, but centralization. If fully rolled out, corruption will be fundamentally limited.
This. This will make corruption and crime more difficult. If rolled out slowly enough, it wouldn't increase sex trafficking and lopsided quid pro quo agreements during the transition to a fully digital currency.
I always wonder how much of US currency is used for illicit transactions. You hear stories of storage containers full of US currency and you can never really gauge how much currency is actually in circulation. China may be able to fine tune inflation with monetary policy using actual data instead of just guessing.
'Digital Yuan Explained: What it will mean to you' Good explainer, minus the big brother fear mongering in the middle.
The majority of any currency is mostly digital. Numbers in a computer people use phones/cards to transfer. But China bad.
US credit scores are run by multiple private entities, who get their data stolen due to lax security. They are the basis to determine whether people get housing and in increasing cases, jobs. For most of the US it’s encouraged for private corporations to rule their lives, as long as they are unaccountable. But China bad.
That white dude in the video has literally the worst haircut I’ve ever seen
I feel like this is just a classic combover. Balding man is too afraid to embrace being bald so he tries to pretend he's still got plenty of hair.
That's how 99% of money already is. Most transactions are also handled digitally even if there's physical currency.
When the power goes out, 100% of transactions will be physical. Not to mention the barrier to entry. Good luck being homeless and having to jump to 20 more hoops to use money. Purely digital money is such a bad idea.
This is true, but also the alternative in a state that allows any digital transactions is corporate control. So if there is to be any digital transactions, and money is just numbers on paper or a computer anyways nowadays, it's better to have it centralized under a commie-run government than the capitalists.
This is something capitalists would not adequately plan for. I have the utmost faith that China will address this possibility in a strategic logical way
Bypass SWIFT. Given the events after Russia launched the invasion, I’d say that’s their new priority
Pretty sure most crypto needs to be mined by users which is what causes the immense energy costs, also the decentralization creates massive problems for average use that prevents practical adoption of crypto, while a digital currency controlled by a central force is probably just currency that isnt produced in a physical form, I guess.
Oh god. Is it produced in the same environmentally destructive way as crypto?
No, it's a centralized digital currency so it doesn't need to be mined by users.
My understanding is that it does use a blockchain, but it's very lightweight on computation.
What is there to question? This is either a pointless or actively damaging initiative.
Don't need to. It's a secondary currency which is bolted on to the existing economy. It's self evidently stupid
