China has created its own digital currency, known as the
Digital Yuan.
A cyber yuan gives Beijing power to track spending in real-
time.
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Importantly, it’s money that isn’t linked to the dollar-
dominated global financial system.
Cyber Yuan vs Bitcoin, Altcoins
The cyber yuan is a government-sponsored digital currency
designed to track the movement of every penny. Bitcoin
promotes anonymity.
Apps like Apple Pay, Venmo, Paypal, and Google Pay just
facilitate payments by skipping a credit or debit card
middleman. They are not their own money.
In contrast, China turned the yuan into a string of digits. It
resides in cyberspace.
On a screen, it displays with a silhouette of Mao Zedong
and looks just like the paper money.
First for Major Economy
A thousand years ago, when money meant coins, China
invented paper currency. Now the Chinese government is
minting cash digitally, in a re-imagination of money that
could shake a pillar of American power.
China’s version of a digital currency is controlled by its
central bank, which will issue the new electronic money.
Beijing is also positioning the digital yuan for international
use and designing it to be untethered to the global financial
system, where the U.S. dollar has been king since World
War II.
China is embracing digitization in many forms, including
money, in a bid to gain more centralized control while
getting a head start on technologies of the future that it
regards as up for grabs.
That an authoritarian state and U.S. rival has taken the lead
to introduce a national digital currency is propelling what
was once a wonky topic for cryptocurrency theorists into a
point of anxiety in Washington.
Digitization wouldn’t by itself make the yuan a rival for the
dollar in bank-to-bank wire transfers, analysts and
economists say.
But in its new incarnation, the yuan, also known as the
renminbi, could gain traction on the margins of the
international financial system.
Josh Lipsky, a former International Monetary Fund staffer
now at the Atlantic Council think tank, said, “Anything that
threatens the dollar is a national-security issue. This
threatens the dollar over the long term.”
Encouraging Use
China already has 770 million mobile payment users.
To facilitate acceptance, China conducted free money
lotteries. 750,000 people got some free money in these
lotteries. It is working on a method to allow the app to
work without an internet connection.
Coming soon, China will require everyone to use digital
currency. Paper money will be invalid.
China will know who is paying, where they are paying, and
how much they are paying, and what they are buying.
The pros of this currency are: Merchants can avoid
transaction fees, problems with handling cash vanish,
speed while payment is immediate.
However, it has its cons which include: Privacy concerns of
all sorts, governments can and will snoop, fear of things
like “expiring money”.
De-Dollarization a National Security Issue?
I do cheer one thing, and that’s the de-dollarization of the
global economy.
Under the guise of national security, Trump made a global
mess of things for reasons that had nothing to do with
security. Unilateral sanctions on Iran and Gazprom are key
examples.
In general, competition is good. Soon, countries will be able
to tell the US to go to hell unless there is full international
cooperation.
The dollar isn’t going away and it will not be replaced by
the yuan any time soon, if ever. But the end of the ability of
the US to unilaterally call all the shots is on the near
horizon.
That’s a welcome development. So is anything that forces
the US to mind its own business.
https://dailytrust.com/anxiety-as-china-creates-first-major-digital-currency
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over to you America

The currency is strictly controlled by their govt so no need to panic.

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