The use of the e-CNY, or digital yuan, is now being expanded beyond the purchase of consumer goods. Beijing has cracked down on other cryptocurrencies such as bitcoin and instead seeks to provide its own alternative.
      • Koa_lala [he/him]
        ·
        2 years ago

        I'm not big on the internet/electricity goes out poof money gone.

        • axont [she/her, comrade/them]
          ·
          2 years ago

          That's how 99% of money already is. Most transactions are also handled digitally even if there's physical currency.

          • Koa_lala [he/him]
            ·
            2 years ago

            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.

            • CheGueBeara [he/him]
              ·
              2 years ago

              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.

            • newmou [he/him]
              ·
              2 years ago

              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

    • Shoegazer [he/him]
      ·
      2 years ago

      Bypass SWIFT. Given the events after Russia launched the invasion, I’d say that’s their new priority