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RE: Thoughts on China’s forthcoming Digital Yuan

in #newsteem5 months ago

Well, I haven't been there recently, but I have been doing some research online and it appears to be completely mainstream in the far East to use (non-crypto, as of yet) mobile payment solutions instead of using cash or a bank account debit card.

But seriously, a World Traveler like yourself hasn't heard about these mobile payment solutions in Asia? Did I seriously just now introduce you to this phenomenon? It's YUUUGE! ;-)


Yeah I guess the more you travel the more you miss what goes on technology-wise in the world. I only learned about Tikke until last year you know...old school :D

But uhhhh, yeah are most of these Eastern crypto adaptions only available there then as well, or also worldwide? Because I know from the chinese version of facebook mostly only available there, but I would believe it it there would be more of these kinds of things

Yes that's the WeChat platform you're referring to. It's like Whatsapp and "Tikkie" combined into one, but huge. When using a taxi service for example you're encouraged to use it instead of cash payments.

But like I've argued, the Chinese retail banks are currently left behind, so they have a real use case to "fight back" and re-win their position by promoting the Digital Crypto Yuan ("Yen", as we call it). Such a system can - as opposed to a more "local" platform like WeChat - indeed be used dominantly internationally, because your retailer, purchasing your sneakers, and shirts and everything produced in and imported from China, has to / is able to pay for those goods using the Digital Yuan, and therefore has an incentive, to bypass crypto-to-fiat conversions to accept crypto payments in Switzerland, and Holland for example, from consumers themselves...