China Moves Against Cash With e-RMB

in hive-167922 •  25 days ago 

"Money habits can be hard to break. It took years for ATMs to replace visits to human bank tellers; now, Americans withdraw cash from them at a rate of some 5 billion times a year."

That's a quote from this fantastic Politico article from a few weeks ago.

However, these days, as with everything inflected with the tinge of Moore's ever-expanding exponential curves, things might move a little more quickly this time around as we move from ATM's to just dispensing with cash altogether.

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This week, China is knee-deep in actual live experiments with its sovereign digital currency across 4 major cities starting. The original capitalist petry dish - Shenzhen - as well as the 10m+ in population "New 1st Tier Cities" Suzhou & Chengdu will be included in the trial, too. Also, the newest experimental city - Xiong'an, south of Beijing - will be testing out the food & retail aspects of the DCEP or e-RMB as it is otherwise called.

It's no secret that China, thanks to Ant Financial's Alipay & Tencent's WeChat Pay, are miles upon miles ahead of the US in the rollout of advanced digital payments systems. I mean for chrissakes, a large portion of Americans still use cash and write personal checks. The whole country even railed against the implementation of chips in their credit cards - and those chips are a French piece of technology from the early 1990s. It's a bass ackwards place in some respects.

But coronavirus offers a chance to rectify that & create new modern payment habits.

But will it?

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Cash is an essential part of monetary freedom.
Not surprising that authoritarian China is trying to take away that freedom.
The Digital Gulag grows more powerful and terrible by the minute.

Cash is also dirty, riddled with coronavirus, and easy for drug dealers and other awful people to do business.

Whenever I need to use fiat, I'd prefer it to be a CBDC than dirty Benjamins and Maos. For privacy, we have certain flavors of crypto. 😉

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