The digital yuan is China's digital currency that will replace the yuan in its physical...

GamerNerves

Posts: 79   +42
Overseeing major money transfers is important for any state. I think the main benefit of digital currency is being able to prevent large corporations doing shady stuff like avoiding taxes, also criminals will have harder time. I don't think regular law-abiding people will have any setbacks. China may be rather controlling, but this change is to make things better. I agree though that states shouldn't solely rely on digital form.
 

ScottSoapbox

Posts: 75   +93
Are many people actually using physical cash anymore? I haven’t used it much for years. Almost every market stall, cafe or small business in australia takes card and we now have s national fast payment network which bank transfers work for selling second hand stuff privately with a simple PayID.
There is a huge difference between multiple types and companies using digital verifications of transferring money and *every single transaction ever* running through a single government server.
 

GeforcerFX

Posts: 1,006   +473
I would say the current system for the USD is best for at least another 30-40 years. Give people the choice on which currency they want to use. Most will choose electric funds but I still prob have around 30% of my transactions when I am cashier be cash. If your trying to counter crime it won't work, criminals already have crypto instead of what ever central digital currency they go with and they will use other things for physical like gold or diamonds. In China where the CCP controls everything and the concept of individual or human rights is foreign this isn't surprising.
 

Markoni35

Posts: 1,025   +411
The control over Chinese people by means of cameras is already scandalous. Now, the communist government will have even more control over those disgraced citizens. To be born in China is a big bad karma, evidently.

UK has probably the same number of cameras per capita as China. And your cellphone is a total-control device that you constantly carry with you. And, what's funniest, you pay from your own pocket to carry a spying device with you. Also, people who control the news (on TV, internet, radio, newspapers, etc.) control what you think.

You probably think "that's not true". But did you hear of mass rapes of school girls in Sweden, which are totally ignored by their police, and downplayed in their media? Or the number explosions they had in Stockholm every year starting from 2015 (after the great influx of immigrants)? They have more explosions than Belfast had during the greatest activity of IRA. But.... your media nicely hides that info from you.

And what about crime waves in some of the cities in the United States, which are also hidden by the media if the perpetrators are minorities (which is usually the case). The media don't report about that either.

So, don't feel sorry for the Chinese. Feel sorry for yourself, and all the people living in the so called "free world", LOL.