China Launches Its Own Digital Currency Not Linked To A Dollar-Dominated Global Financial System

  • A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a foundational pillar of American power.
  • It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China Will turn legal tender itself into a computer code.
  • Unlike bitcoin, China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It will give China’s government vast new tools to monitor both its economy and its people.

See full story here.



Categories: Business, Government, International, Tech

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: