China’s Digital Currency a new tool to control its economy people and possibly challenge the US$

According to CGTN.com, the official website for China Global Television Network, so presumably represents the voice of the Chinese government announced the much-heralded Chinese Digital Currency.

The Chinese have been working on a digital currency for over 6 years as use of cash 40% of transactions

A Digital currency part of China’s plans to accelerate its digital economy, making payments more convenient, secure and cracking down on money laundry, corruption and underground economies, in 1950’s from 34% to 12% i.e.  $1 TRILLION- $1.5 Trillion!

Digital currency initially 4 cities and to be tested in the 2022 Winter Olympics in Beijing.

While the use of the digital currency is anonymous between customer and the vendor but, information is to be recorded by the central bank.

Is this a shot across the bows for WeChat Pay and Alipay? CGTV reported: “digital currency is anonymous to the payment service providers, if they cannot have such information, it’s difficult for them to do risk assessments, analyses on consumer behaviour and expand businesses. It could create some problems for them in the future”.

A new tool to track money. “Once you print the money out and throw it to the market, to households, you never know which money goes where. This becomes a problem.

With traceable electronic payments and digital currencies, we will clearly understand where the money goes, the central bank can directly send money to people’s electronic wallets – helicopter economics”

As the world economy enters it’s worst recession for decades according to The South China Morning Post – the Chinese have abandoned growth targets that they have had since 1979 and are focusing on job creation and tackling poverty BUT is a new tool going to give them more control and power in its battle with USA

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