China's digital currency - explained!

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China launched its digital currency, the DCEP (Digital Currency Electonic Payment). In this video we explore why and how the country decided to go digital. What is the Digital Yuan? How does the Digital Currency work? Is DCEP a cryptocurrency? Is the digital Yuan blockchain based?

The Story Behind - Episode 72

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#DCEP #DigitalYuan #China

[jholotanbest]

I follow a lot of tech channels but somehow Techaltar always manages to cover super interesting topics that no other channel covers.

[Elliotgn]

I used to be a reporter who covered Central Bank Digital Currency and you did a great job explaining it here, glad it’s getting the exposure it deserves!

[TechAisle]

Let me just say, when you upload a video, I usually stop whatever I am doing and watches it. I LOVE your content so so much! And I am very sure that I am not the only one who does it.

[haresmahmood]

I really like the direction you're taking this series, more like mini documentaries. Keep up the good work!

[StuartDesign]

Really great to start see this channel differentiate itself from all the others, with the broader motivations surrounding new tech.

[lucymartin]

The amount of time we spend believing we can't is more than enough time to learn how you can.

- my Brain

[sumedhbengale]

This is kinda like the UPI(Unified Payment Interface) system we've got in India, well UPI is not a digital currency, but just a payment method, linking our bank accounts with a virtual payment address, opened with third party apps like GooglePay, JioPay, SBI Yoni, etc
It's actually pretty convenient using UPI with QR codes for payments.
UPI was started by NCPI(National Payments Corporation of India) which is owned by banks and those third party participants, along with the Reserve Bank of India, so I guess the data is being collected by the govt. here too....

[SashCXIII]

Very well researched, I greatly appreciate the effort! Super interesting topic

[qwertyqart]

you and Rene Ritchie were only youtube tech channels I used to subscribe notifications from, now it's just you. hopefully your content will stay as good as it has been for the past several years.

[kuri]

State-owned Enterprises or Enterprise-owned States, take your pick.

[funwheels]

Best pronunciation of “yuan” I heard from a foreigner to China. 👍

[alwang]

The reasons of China government had the talk with Jack Ma and halted the Ant IPO: 1. Jack Ma was trying to issue ABS through the Ant Group, the same financial product brought 2008 financial crisis. And he could have done it with Alipay, which could create celestial level of risky asset. 2. He was asking the government to loose the regulation on the internet corps' new financial product.

[pcm]

Meanwhile my country is releasing new bills to replace older ones, gotta love that third world

[aakashkarmakar]

Great video as always. Just a point, please reduce the volume of ur background music while you talk coz that's obtrusive.

[earlh]

Here in the Nordics paper currency is rarely used. I don't even remember the last time I used any.
Additionally, the government can and does scan everyone's bank accounts, and they'll quickly send you a tax bill or cut benefits if you receive money from someone. China doesn't sound that much different in practice.

[eddiestilll]

tech is sucha prevalent factor in China's lifestyle, like they use their phones to replace so many things (e.g. wallets, bus passes, etc.)

[UserNutzer]

Was ich an deinem Kanal schätze: Du machst nur Videos, wenn es wirklich spannend ist. DANKE für deine tollen Video!

[gurubhaktmohit]

2:58 I don't understand how merchants can simply refuse to accept cash. Isn't cash also a legal tender in every country?
If they can do that, then they can also refuse to accept DCEP, can't they?

[cbrtdgh]

I live in China. The major flaw to mobile payment is that it relies on you having battery. Which is not always the case at 2 AM after a night out. That's why I still use my contactless debit card in the UK even though I predominately use QR codes in China. I also carry a transport card now as backup in case my phone battery dies.

[ej]

China effectively booted out the middlemen in order to be the middleman. I have always wanted to understand how this whole crypto trading thing works and all but I haven't just figured it out yet.