In pictures
China is in no hurry in developing a digital currency, Zhou Xiaochuan, the country's central bank governor, said here Friday. The development of a digital currency should be a prudent progress and avoid excessive speculation, Zhou said at a press conference on the sidelines of the annual session of the National People's Congress. He added that the financial sector should focus on serving the real economy.
Zhou Xiaochuan stated that the development of digital currency is inevitable. The Central Bank’s research and development name is DCEP (Digital Currency Electronic Payment), DC is a digital currency, and EP is electronic payment. In the future, traditional banknotes may gradually shrink in size and may not even exist one day. However, in this whole process, we must pay attention to overall financial stability and prevent risks. As a currency, digital currency must consider the transmission mechanism of monetary policy and financial stability at the time of issuance, and at the same time pay attention to protecting consumers. As a big country economy, we must avoid making substantial irreparable losses, so we must pass thorough tests to ensure that we can promote it after it is reliable.
My thoughts on the matter
It's still a long way away, but once a digital RMB is announced, I think it will serve to fulfil all the roles of traditional RMB with extra advantages to the banking system and the Chinese Government. The primary advantages of the digital RMB will be the ability for the Central Bank to control and monitor the flow of currency with precision, thereby obtaining more actionable data to inform monetary policy and reducing crime.
I predict that the digital RMB will be closely tied to a digital identity that all Chinese citizens will need to possess, therefore money laundering will become extremely difficult. Following the money trail to catch criminals will become simple. In combination with the extensive CCTV network in China, committing a crime and getting away with it will be more difficult.
I feel digital RMB will probably happen within the next 5 years. The digitisation of the RMB will occur gradually and be co-ordinated by the People's Bank of China (PBOC) and the four major Chinese banks, Bank of China (BOC), the China Construction Bank (CCB), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC). The population of China will barely realise it happening. The citizens of China will not mind the change as it is similar to their existing status quo (most transactions in 2018 are digital anyway with WeChat, AliPay, cash is rarely used). Law abiding citizens will not notice a difference in their day to day lives.
What do others think?
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When everyone starts talking shit about a useful crypto because it's getting shilled a lot, that's a problem. GVT is the new one, before it was VEN and NANO, and so on. It seems that if a coin starts to do well, many people get upset, when in reality, any significant crypto that does well is good for crypto as a whole. Who cares if people are shilling their favorite crypto (unless its something like bitconnect). Unless your anti-shill post gives legitimate reasoning to your negative view on the crypto, then it does more harm than the original shill post. You spread your negative bias based on nothing else besides emotion and deter potential new investors. A lot of you don't even research the project, you literally base your decision on the amount of shilling it has. Both mindless shilling and anti-shilling need to stop, but I definitely prefer mindless shilling to the latter.
edit*: didn't mean to put this as development, but i guess that works
edit 2*: i meant to put mindless anti-shilling vs shilling in the title; constructive is good! 🙂
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