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The Chinese Digital Currency (e-Remninbi, e-Yuan)

 
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Mark
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Joined: 30 Sep 2005
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Location: Edinburgh, Scotland

Posted: Fri May 21, 2021 5:06 am    Post subject: The Chinese Digital Currency (e-Remninbi, e-Yuan) Reply with quote



I have tried to research a date for when the Chinese internally piloted their new digital currency (aka Digital Remninbi, e-Yuan, e-Remninbi Digital Currency Electronic Payment (DCEP) ). Its been widely reported that China launched trials of the new digital currency in designated Chinese cities in April 2020. However, it appears transactions using the new currency only started at the beginning of May 2020:

https://www.theguardian.com/world/2020/apr/28/china-starts-major-trial-of-state-run-digital-currency

I have put up a purely speculative chart for 08.00am on Monday 3rd of May 2020 for a first trade chart.



Its been widely reported that the Chinese intend to officially launch the new digital currency at the Winter Olympics in February 2022.

https://en.wikipedia.org/wiki/Digital_renminbi

The philosophy of this digital currency is the polar opposite of a crypto currencies since there is no anonymity by users and transactions can be tracked by the the People's Bank of China.

In contrast cryptocurrencies are a sub-type of digital currency and a digital asset that relies on cryptography to chain together digital signatures of asset transfers, peer-to-peer networking and decentralization. Cryptocurrencies can allow electronic money systems to be decentralized. When implemented with a blockchain, the digital ledger system or record keeping system uses cryptography to edit separate shards of database entries that are distributed across many separate servers. The most popular cryptocurrenies like Bitcoin represent a peer-to-peer electronic monetary system based on this kind of cryptography.

Financial analysts disagree on whether the e-remninbi will pose a threat to the supremacy of the US dollar and the fiat currency system:

https://www.marketwatch.com/story/why-chinas-digital-yuan-is-largest-threat-to-the-west-in-past-30-or-40-years-according-to-kyle-bass-11621374668

https://www.wsj.com/articles/chinas-digital-yuan-poses-no-threat-to-the-dollars-dominance-11618825750

https://techhq.com/2021/05/the-chinese-digital-currency-is-moving-forward-will-the-us-follow/

The US Federal Reserve and European Union and also developing their own digital currencies.

https://www.unlock-bc.com/news/2021-03-29/us-federal-reserve-to-bring-on-central-bank-digital-currency-as-early-as-july

https://www.ecb.europa.eu/paym/digital_euro/html/index.en.html

In terms of individual National Banks in Europe the most advanced country appears to be Sweden which has made significant steps towards adopting a fully digital currency aka e-Krona.

https://www.reuters.com/article/us-cenbanks-digital-sweden-idUSKBN2BT1CF

The Bank of England has recently launched a taskforce to explore the development of a central bank digital currency (CBDc)

https://www.bankofengland.co.uk/news/2021/april/bank-of-england-statement-on-central-bank-digital-currency

The future of digital currencies appears to be diversifying towards central bank digital currencies (CBDCs) via the private cryptos.

Mark
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As thou conversest with the heavens, so instruct and inform thy minde according to the image of Divinity William Lilly
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