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.
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.
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.