Understanding More About Yuan Pay Team: Digital Currency
China has been in the vanguard of digital currency experimentation, with about 21 million people participating in digital yuan (e-CNY) trials throughout June, according to the People's Bank of China (PBOC). However, what is the goal of this research and what are the ramifications for business and finance?
To begin, a digital yuan pay provides the PBOC—central China's bank—and other government agencies with more accurate data. The more digital money is utilized, the further the government has immediate visibility into transactions and transfers, including physical location. Alibaba founders Jack Ma said at one time that the government utilized the transaction records from the Hangzhou-based business to assist predict inflation. Why not take it a step further and include all transaction ...