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https://www.thewealthadvisor.com/article/china-emerges-after-coronavirus-will-be-cashless-societyPublished by: TWA on 20 Feb 2020
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Freezing cross-province transfers and replacing $86 billion in paper yuan is only consolidating a process of surveillance where Beijing can monitor all transactions. It’s still getting bad in China, where reported coronavirus cases are doubling every 7-10 days. Until that exponential contagioncurve flattens out, we just don’t know how far the outbreak spreads or how fast the government will ultimately be able to contain it.
The society that emerges is going to play by different rules. And it starts with Beijing locking down even more of the second-biggest economy in history.
Cash was already going away in China. Now it turns out that the virus shows up on old paper money and can live there for days.
Every time every one of those infected yuan notes moves from hand to hand, it’s another infection vector. If you handle the wrong money, you’re literally carrying the plague.
Naturally that makes people much less eager to accept cash. Luckily there are payment apps to keep [...]
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What is Coronavirus?Coronaviruses are a group of viruses that cause diseases in mammals and birds. In humans, coronaviruses cause respiratory tract infections that are typically mild, such as the common cold, though rarer forms such as SARS, MERS, and COVID-19 can be lethal. Symptoms vary in other species: in chickens, they cause an upper respiratory tract disease, while in cows and pigs they cause diarrhea. There are yet to be vaccines or antiviral drugs to prevent or treat human coronavirus infections.
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.
