In global first, China tests digital-currency yuan

In global first, China tests digital-currency yuan
All your money transactions are belong to CCP. Chinese digital yuan. WSJ video

[Ed. – I don’t find a clear statement in the article of when this would be announced as a standardized feature of China’s monetary management.  But you know it’s coming.  The CCP wants exactly the kind of control such a monetary form would entail over the people.]

It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code. …

China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China’s government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin’s major draws: anonymity for the user.

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The digital yuan resides in cyberspace, available on the owner’s mobile phone—or on a card for the less tech-savvy—and spending it doesn’t strictly require an online connection. It appears on a screen with a representation of Mao Zedong, looking just like the paper money. …

China’s central bank won’t use the new technology as a way to get more money into circulation, since every yuan issued digitally will essentially cancel one yuan circulating in physical form.

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