4 ms·

All the currencies have already been digital for decades. The most interesting part of this was the expiration timer to get people to actually spend. Otherwise,

All the currencies have already been digital for decades. The most interesting part of this was the expiration timer to get people to actually spend. Otherwise, what really does this do that alipay or wepay doesn't?

AnimalMuppet 6y ago
It lets China claim to have a national digital currency, which nobody else has. It doesn't have to functionally add anything; it adds something in PR for China.
xyyzy 6y ago
I see it mainly of getting rid of physical money faster. Ofcourse people already use alipay, wechat pay and they spearheaded it. The expiration timer is most likely to incentive people to use this over wechat and alipay and get faster usage feedback. Note that wechat and alipay are commercial companies. So having a national digital currency does have benefits
bingbong70 6y ago
The difference is that the largest trading nation on the planet just created a system for 0 fee transactions that can expand to global usage quite easily (I believe wepay/alipay were mostly intended for domestic use). If a tiny country that produced nothing did this, it would be less relevant.
- yorwba 6y ago
  WeChat Pay and Alipay could expand to global usage even more easily, because they're actually in widespread use. Some stores in other countries already accept them as a payment solution for Chinese tourists: https://www.presseportal.de/en/pm/105224/3983905 https://www.presseportal.de/en/pm/105224/3983905 The only reason they're not freely available for anyone to use is that it would make it easier for Chinese citizens to move their money out of the country, which the government doesn't want them to do. The "digital yuan" isn't going to be different in that aspect.
  - ngcc_hk 6y ago
    Well guess they can easily dig into the system and hence make sure those money out there are all theirs. As said, money inside China is not yours, ask a guy Ma. Now we may say, digital money of China is not yours as well, just the ccp.
    - bingbong70 6y ago
      Are dollars really yours inside the sanction happy dollar system?

AnimalMuppet 6y ago

It lets China claim to have a national digital currency, which nobody else has. It doesn't have to functionally add anything; it adds something in PR for China.

xyyzy 6y ago

I see it mainly of getting rid of physical money faster. Ofcourse people already use alipay, wechat pay and they spearheaded it. The expiration timer is most likely to incentive people to use this over wechat and alipay and get faster usage feedback. Note that wechat and alipay are commercial companies. So having a national digital currency does have benefits

bingbong70 6y ago

The difference is that the largest trading nation on the planet just created a system for 0 fee transactions that can expand to global usage quite easily (I believe wepay/alipay were mostly intended for domestic use). If a tiny country that produced nothing did this, it would be less relevant.

yorwba 6y ago
WeChat Pay and Alipay could expand to global usage even more easily, because they're actually in widespread use. Some stores in other countries already accept them as a payment solution for Chinese tourists: https://www.presseportal.de/en/pm/105224/3983905 https://www.presseportal.de/en/pm/105224/3983905 The only reason they're not freely available for anyone to use is that it would make it easier for Chinese citizens to move their money out of the country, which the government doesn't want them to do. The "digital yuan" isn't going to be different in that aspect.
- ngcc_hk 6y ago
  Well guess they can easily dig into the system and hence make sure those money out there are all theirs. As said, money inside China is not yours, ask a guy Ma. Now we may say, digital money of China is not yours as well, just the ccp.
  - bingbong70 6y ago
    Are dollars really yours inside the sanction happy dollar system?