What is The Future Going to be Like?
The world’s economy is changing fast, so is the human routine. Just imagine having no coins and bills in your pocket. What? Is that even possible? Well, China may just be turning your dreams into reality right now.
Last April 2020, the Chinese government made the best decision to support The People’s Bank of China with its impressive goal. The main target is to issue its very own currency known as the Digital Yuan.
Is this a cryptocurrency? Typically saying, yes it is. But the great edge of this new trend is that every coin is backed by the Chinese government itself. Like many other coins, it is meant to have its own price starting from low to stunning high in the near future.
Cryptocurrency Vs Digital Yuan
To give a little bit of history, in the Chinese marketplace, Tencent and Alibaba are the major players in cashless payments. They have introduced payments through their apps and social media platforms. It all started between friends, retailers, and vendors. It is equivalent to “real” and “tangible” money sent back and forth from one person to another person. Money flows in and out with no end
Shortly, the impact will be fairly medium. Until initial trials with the first cities and businesses are done and any bugs are polished, the idea of the digital Yuan being used outside China is still in progress. However, China has been in discussions with several countries, including Russia and Europe, with currency swaps, anti-SWIFT banking methods, and to find ways to fully adopt the blockchain technology for their economies.