Admin Reporter- POOJA1

Apr 08 2021

Cyber yuan: China rolls out its own e-currency, a first for major economy.

Thursday, 8 April 2021

With cyber yuan, the Chinese government has created a digital currency controlled by its central bank.



With credit cards and payment apps, money dealings are already sort of virtual. But now, China is turning legal tender itself into computer code, The Wall Street Journal (WSJ) reported.



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, it added.



Central banks across the world, including the People’s Bank of China (PBOC), are looking at developing digital currencies that could play a role in making domestic and international payments faster and cheaper for both large-scale and consumer transactions.



A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system.



A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

instagram imagesfollow us @ instagram