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https://www.economist.com/the-world-ahead/2020/11/17/china-prepares-to-launch-the-worlds-first-official-e-currencyPublished by: THE ECONOMIST on 17 Nov 2020
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What is Digital Currency?Digital currency (digital money, electronic money or electronic currency) is a type of currency available in digital form. This is in contrast to physical, such as banknotes and coins. It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies, cryptocurrencies, and central bank digital currency (CBDC). Digital money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the money supply can come from various sources.
Who are The Economist?The Economist is a highly respected, global weekly publication that focuses on international news, politics, business, finance, science, technology, and culture. Founded in September 1843 by Scottish businessman James Wilson, it is famous for its distinct, analytical voice, data-driven reporting, and commitment to free-market principles.
What is Cashless?A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Transactions are through the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless societies have existed from the time when human society came into existence, based on barter and other methods of exchange, and cashless transactions have also become possible in modern times using digital currencies such as bitcoin.
What is China?China, officially the People's Republic of China (PRC) is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019. Covering approximately 9.6 million square kilometres, it is the world's third or fourth-largest country by area. Governed solely by the Chinese Communist Party (CCP), the state exercises jurisdiction over 22 provinces, five autonomous regions, four direct-controlled municipalities (Beijing, Tianjin, Shanghai, and Chongqing), and the special administrative regions of Hong Kong and Macau. China is a unitary one-party socialist republic, and is one of the few existing nominally socialist states. Political dissidents and human rights groups have denounced and criticized the Chinese government for human rights abuses, including suppression of religious and ethnic minorities, censorship, mass surveillance, and their response to protests, notably in 1989.
What is CBDC?Central bank digital currency, CBDC or digital currency is the digital form of fiat money. Fiat money being a currency established as money by government regulation, monetary authority or law. The present concept of CBDCs was directly inspired by Bitcoin, but CBDC is different from virtual currency and cryptocurrency, which are not issued by the state and lack the legal tender status declared by the government. CBDCs are presently in early hypothetical stage, with some proof-of-concept programmes.
