Could Hong Kong Monetary Authority Launching CBDC Help Digital Yuan Go Global?
The Hong Kong Monetary Authority (HKMA), the territory’s de facto central bank, is aiming to launch trials of the e-HKD, its central bank digital currency (CBDC), in the fourth quarter of this year. If successful, the initiative could facilitate the global rollout of the digital yuan, China’s CBDC project which continues its adoption drive across the nation.
Central bank digital currencies can ‘be programmed’ and ‘used against you!’ | Layah Heilpern
‘The money can just be programmed to be used against you… It’s a really efficient way for governments to implement their political and woke agendas.’
Layah Heilpern joins Nigel Farage to discuss how a central bank digital currency (CBDC) would give the government greater control.
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mBridge: Building a multi CBDC platform for international payments
The HKMA, together with the Bank for International Settlements Innovation Hub Hong Kong Centre, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates, is exploring a multi central bank digital currency (CBDC) platform under the mBridge project with a view to enhancing the efficiency of international payments.
View this video to get an overview of the mBridge project.
China & Russia Aim to Pull the US Dollar Down – Unveiling the Rise of CBDC with Richard Turrin
Richard Turrin (Goes by Rich) is one of the world’s leading experts on China’s Digital Yuan. His views on CBDC and China’s influential role in technology macro-trends are widely sought after by international media.
Rich delivers gritty, hard-hitting commentary that avoids jargon and speaks to a diverse audience. Did I mention that he’s #4 global fintech influencer on the prestigious Onalytica influencer list. He is also the author of many books & articles including his latest bestselling books, “Cashless” and “Digital Transformation from Within”. is well received around thew world.
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China Just Launched Its Digital Yuan, Could This Be the End of Cash?
China has officially started rolling out its new digital currency, and it’s got us thinking a lot about cash. More specifically, is a cashless society the new reality?
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China might be the first country to abandon physical money in favor of digital legal tender.
Part of the reason China has taken the lead creating a state-backed digital currency is because the country initially lacked the credit-card based payment infrastructure of other countries, like the U.S. So, tech companies like Tencent and Alibaba developed apps that let people exchange money digitally with their phones.
The apps have proven extremely successful, with hundreds of millions of Chinese citizens using them regularly. So successful in fact that six years ago, China’s central bank saw the upsides of developing its own digital yuan. As of April 2020, the program is being taken for a test run in four Chinese cities. The details on how the currency actually works aren’t very well known, but a few things are clear. The digital yuan is tied to the value of the normal, physical yuan.
Since it’s state backed, that means the government is liable for it and it should be stable, compared to cryptocurrencies like Bitcoin, where the value can swing wildly. And because it’s backed by the state, that means it’ll be more widely accepted.
But how will the digital yuan work, what are the pros and cons, how is it different from cryptocurrency, and what does this mean for the rest of the cash-using world? Find out more in this Elements.
#digitalyuan #cryptocurrency #china #yuan #money #tech #seeker #elements
Read More:
‘An absolute necessity:’ Why this expert says China desperately needs a digital currency
https://fortune.com/2020/07/30/china-digital-currency-yuan-cbdc/
“It’s the first time we’re going to have money that we program to do things automatically; that has functionality.”
China Plans to Test Digital Yuan on Food Delivery Giant’s Platforms
https://www.bloomberg.com/news/articles/2020-07-15/china-to-expand-digital-yuan-test-to-food-delivery-giant-meituan
“A virtual yuan could bolster the government’s grip over the world’s No. 2 economy and its giant financial services industry, and some observers think it could someday shift the global balance of a U.S.-dollar-centric global currency system.”
What to expect in a cash-free future
https://qz.com/1805523/what-to-expect-in-a-cash-free-future/
“For the first time since paper money was invented some 1,000 years ago, a future where cash is no longer kind seems possible.”
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