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RE: Thoughts on China’s forthcoming Digital Yuan

in #newsteem5 months ago

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...