The Point: China's digital currency

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China's #currency is going digital, with a July report showing that more than 20 million personal wallets and over 3.5 million corporate wallets were opened as of June. The transaction value has already reached 34.5 billion yuan ($5.34 billion). What do those numbers tell us? What can digital renminbi do that wasn't possible before? What other steps is #China taking to build a digital society, and why? #Business

Guests:
Alvin Foo
Co-Founder, DAOventures

Song Shuang
Chinese Academy of Social Sciences

[BJPee]

Largest trading nation in the world will always have its currency as the dominant one. Simple law of physics

[markkupanu]

That’s it, a foreigner doesn’t have to register with a Chinese bank, but it’s possible to use digital currency easily. Big step!

[bluemental]

China digital currency more important than anything else, is time to internationalise it and dump the USA dollars fast. How could USA pass law that China must obey because of USA dollars.

[krosny]

Superpowers always meet their end when they start to do these 2 things.. printing money and withdrawing from Afghanistan

[nanahuang.]

Largest trading partner:
USA = China
EU = China
ASEAN = China
Japan = China
Australia = China
India = China

[maratha.]

Welcome to the Chinese Century folks, or should I say Chinese Millennium?

[astroayumi]

Love it and speed up, lets ditch the green toilet paper !

[picandvideo]

The Empire of Chaos 🤯 going to have another round of Freedom of Navigation next week. 😂🤣

[pasdesoucis]

Imagine one day Indians will need Yuan to purchase oil 🤭🤭🤭🤭

[Cuthburt_Throatwasp]

There's a sudden surge of Delta Variant cases here in CGTN. Please report if you see these symptoms:
- Lettuce Salad
- Xu Ping
- Des Chan
- christina historiker
- KARAB X
- David DZ
- _
- Craig Roberts
- Smoochie
- Xi Jin ping
- Covert Puppy Two

[Hahaha]

This Chinese digital yuan is actually very different than I thought, I am surprised in the good way. I am sure that the USA one is not of the same nature.

[alanconlan]

The lady Dr. Song should be given the opportunity to speak in her own language using English subtitles. The topic is significant and her command of English is far too low to be able to express her knowledge clearly.

[jossdionne]

China may soon become my first home...

[Lena-vwye]

This is great. They don't need to implement a foreign people banking system anymore for accepting payments and banking in general. They solved an entire banking headache in 1 move.

[brucetrappleton]

The reason why (I believe, maybe I’m wrong) I can never understand these financial matters when explained by Chinese scholars or business people, is because I can understand their pronunciation and even worst when mixed with acronyms I have never heard before. SOLUTION: Please let the Chinese people use a Chinese language to explain these matters and USE SUBTITLES for English speakers to read. I hope I’m helping.

[kelvinloh]

This is a good initiative to compete with the American SWIFT payments system and network that is currently dominant worldwide, lest US impose financial embargo or controls in war to weaken its enemies and deprive them of warfighting resources and equipment just as in a naval blockade.

[fredh]

AS an ASian American living in the US, Im already looking for alternative to get rid of the US dollar. Inflation and the lack of market transparency in the US is making it harder to invest in it. Too many regulations, too many taxes and ridiculous health care expenses. Not worth it anymore. Going to Cash out pretty soon before the big crash comes.

[BWong]

For foreign visitors to China who have no Chinese bank account to use e-CNY, do they need to use a local Chinese phone simcard ?

[tyn]

It'd be so weird if the US Gov created a digital payment to undercut the Visa/Mastercard duopoly and give small merchants a break...

[softnest]

11:02 It has no impact on the US dollar because it's internal at this point.