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The Digital Yuan is a digital currency but not a cryptocurrency. It works similarly to a bank account except instead of having an account with the bank, you hav

by robjan 5y ago

The Digital Yuan is a digital currency but not a cryptocurrency. It works similarly to a bank account except instead of having an account with the bank, you have one directly with the government, although currently all e-RMB accounts are attached to traditional bank accounts.

anthony_r 5y ago
This. I don't understand how more people are not catching up to this simple fact that central bank "digital currencies" are nothing more than a by-pass of distributed private banking (brick and mortar + online banks). It's just moving more levers closer to central authorities.
- asah 5y ago
  Well... digital currency = programmable money = big differences... for example, giving people money which must be spent by a certain date on certain types of goods or services.
rvz 5y ago
Precisely this. This is where some other countries are going to when it comes to the digitisation of many currencies as CBDCs. It is especially towards those part of the ISO 20022 [0] standard which the technologies will be based on some cryptocurrency technologies like Stellar [1][2], XRPL [3][4], Algorand, etc. [0] https://finance.yahoo.com/news/iso-20022-cryptos-5-compliant-194204661.html https://finance.yahoo.com/news/iso-20022-cryptos-5-compliant... [1] https://www.coindesk.com/policy/2021/12/14/ukraine-commercial-bank-to-test-digital-currency-built-on-stellar/ https://www.coindesk.com/policy/2021/12/14/ukraine-commercia... [2] https://resources.stellar.org/stellar-for-cbdcs https://resources.stellar.org/stellar-for-cbdcs [3] https://ripple.com/insights/bhutan-advances-financial-inclusion-and-sustainability-with-ripples-cbdc-solution/ https://ripple.com/insights/bhutan-advances-financial-inclus... [4] https://ripple.com/insights/ripple-joins-the-digital-pound-foundation-designing-a-path-for-a-cbdc-forward-future/ https://ripple.com/insights/ripple-joins-the-digital-pound-f...
beaunative 5y ago
I wouldn't say it's just an account. You can do offline exchange much in the similar way to a paper currency. Those accounts are still annoymous to both parties in transaction, not to the central bank. I would say it's much more annoymous than a traditional account, a credit card or debit card, but probably not as annoymous as cash. Also, it's naturally fee-free, you don't pay ridiculous account maintenance or transaction fee.

by robjan 5y ago

anthony_r 5y ago

This. I don't understand how more people are not catching up to this simple fact that central bank "digital currencies" are nothing more than a by-pass of distributed private banking (brick and mortar + online banks). It's just moving more levers closer to central authorities.

asah 5y ago
Well... digital currency = programmable money = big differences... for example, giving people money which must be spent by a certain date on certain types of goods or services.

rvz 5y ago

Precisely this. This is where some other countries are going to when it comes to the digitisation of many currencies as CBDCs. It is especially towards those part of the ISO 20022 [0] standard which the technologies will be based on some cryptocurrency technologies like Stellar [1][2], XRPL [3][4], Algorand, etc. [0] https://finance.yahoo.com/news/iso-20022-cryptos-5-compliant-194204661.html https://finance.yahoo.com/news/iso-20022-cryptos-5-compliant... [1] https://www.coindesk.com/policy/2021/12/14/ukraine-commercial-bank-to-test-digital-currency-built-on-stellar/ https://www.coindesk.com/policy/2021/12/14/ukraine-commercia... [2] https://resources.stellar.org/stellar-for-cbdcs https://resources.stellar.org/stellar-for-cbdcs [3] https://ripple.com/insights/bhutan-advances-financial-inclusion-and-sustainability-with-ripples-cbdc-solution/ https://ripple.com/insights/bhutan-advances-financial-inclus... [4] https://ripple.com/insights/ripple-joins-the-digital-pound-foundation-designing-a-path-for-a-cbdc-forward-future/ https://ripple.com/insights/ripple-joins-the-digital-pound-f...

beaunative 5y ago

I wouldn't say it's just an account. You can do offline exchange much in the similar way to a paper currency. Those accounts are still annoymous to both parties in transaction, not to the central bank. I would say it's much more annoymous than a traditional account, a credit card or debit card, but probably not as annoymous as cash. Also, it's naturally fee-free, you don't pay ridiculous account maintenance or transaction fee.