China rolling out DigCur. to the world? This report thinks so.... or ' mark of the beast shit'?, or? just trying to leverage digital curranc

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The digital renminbi (RMB) or the yuan, a virtual currency administered by the People’s Bank of China (PBOC), the country’s central bank, has arrived in full in Shanghai. After tests run in several other cities, it’s now in use at the city’s Tong Ren Hospital, providing staff with an easy way to pay for their meals in the canteen.

An example is doctor, whose daily routine was to buy breakfast in the hospital’s canteen. Now he has a new way to pay for his meal – a digital currency card. “It’s just like using a MetroCard. It’s convenient. And you know how much you’ve spent, and how much is left in your card,” he said.

He just needs to come to the payment terminal with the card and it’s taken care of, and shows the remaining balance as well. The payment process is simple, but a large step forward.

What the bank card holds is the digital RMB – not like other digital currencies, but a new experiment currency issued and managed by China’s central bank.

Its development and application will help to meet the demand for a legal currency in the digital economy, while also improving the convenience and security of retail payments.

The digital currency has also been tried out in the cities of Shenzhen and Suzhou, but Tong Ren Hospital’s test is the first of its kind in Shanghai.....

....“Many economies worldwide are exploring digital currencies, and especially in northern Europe. It’s a big trend. And for a large economy like China’s, with a demand to internationalize its currency, the attempt is definitely needed and urgent,” said Orient Securities chief economist.

The PBOC is working with more than 20 commercial banks and e-commerce companies to expand the use of the digital currency, which is due for a wider test at the Beijing 2022 Winter Olympics.

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Last Edited by CitizenPerth™ on 06/06/2021 04:50 PM