DIGITAL CURRENCY IS TO BE USED IN CHINA


01/05/2020




İrem GÖL -TDO- According to domestic media, the Chinese government are under preparation for initials trials for concluding payments in its new digital currency in four major cities from next week. In recent months, China’s central bank has stepped up its development of the e-RMB, which is set to be the first digital currency operated by a major economy.

China Daily said it had been formally adopted into the cities’ monetary systems, with some government employees and public servants to receive their salaries in the digital currency from May. Digital payment platforms are already widespread in China, such as Alipay or WeChat Pay, but they never replaced the existing currency.

Xu Yuan, Associate Professor at Peking University’s National Development Institute, said in the former platforms the cash transactions were offline and transaction data from existing payment platform was scattered, the central bank was unable to monitor cash flow in real-time. He added: “Although there is little change from the perspective of user use, from the perspective of central bank supervision, future forms of finance, payment, business and social governance, this is the biggest thing ever.”


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