China’s digital yuan needs to beat Alipay, WeChat Pay before challenging dollar, researcher says

cnbc2021-02-17

KEY POINTS China’s digital yuan will need to dethrone the country’s domestic e-payments giants first, before it can think of competing against the greenback internationally, says the Peterson ...

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Comments

TeenPopZ
2021-02-18
TeenPopZ
Yo
- TeenPopZ:
  @投资小达人 ok
独羽
2021-02-18
独羽
Why do we need crypto currency issued by a government? Just wondering...
Josonchong92
2021-02-18
Josonchong92
Nice
同是天涯沦落人
2021-02-18
同是天涯沦落人
Cool, if we can still transact without the need to connect to Internet via mobile phone
DaveNg5144
2021-02-18
DaveNg5144
[微笑]
- DaveNg5144:
  Haha
Lim89
2021-02-18
Lim89
Just use akipay and wechatpay

Leave a comment

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The country’s capital city Beijing recently handed out $1.5 million as part of a digital currency test during the Lunar New Year, following similar experiments in Shenzhen and Suzhou.\nChorzempa said one of the main reasons spurring the push for the digital yuan was the desire for a state backed and controlled alternative to incumbent giants such as the Alibaba-affiliated Alipay app and Tencent’sWechat Pay, which currently process about 95% of digital payments in China.\nUnlike most other major economies globally, mobile payments — largely through the Alipay app and Wechat Pay — has displaced cash in the last few years as the predominant form of consumer payment in China.\n″(The digital yuan) is something that’s really unprecedented among the major economies,” Chorzempa said. “China is ... by far the most advanced of any in digital currency and it’s exciting to watch.”\n‘Nothing like bitcoin or ethereum’\nTo be sure, Chorzempa said China’s digital yuan has very little in common with cryptocurrencies such as bitcoin, known for its high price volatility.\n“I would say the safety levels (of the digital yuan are) very high and the risk is low,” he said. “It’s designed to have the same value as any regular renminbi, so there should be no price fluctuations to worry about.”\nIntermediaries that sell the digital currency in China are also expected to be “quite safe and carefully regulated” so long as they are sanctioned by the government, Chorzempa said.\n“I wouldn’t be too worried about the safety of a digital renminbi in a central bank regulated wallet,” he added.\nBeyond China, Sweden is expected to be among the first advanced economies to launch a digital currency, according to the PIIE researcher.\nSince Facebook first proposed launching the Libra cryptocurrency, now rebranded Diem, there has been a “huge wave of interest” among central banks that are concerned that a private tech company “might take over their currency” in a similar manner to how Alipay and WeChat pay dominate payments in China, he said.\n“I expect central bank digital currencies to continue to expand around the world,” Chorzempa said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":384308544,"gmtCreate":1613611608788,"gmtModify":1704882681844,"author":{"id":"3566966810662099","authorId":"3566966810662099","authorIdStr":"3566966810662099","name":"TeenPopZ","avatar":"https://static.tigerbbs.com/8c1bdc62c66e3417a063fc38a4171048","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3566966810662099"},"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/384308544","repostId":1160744674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3595953,"gmtCreate":1613611639479,"gmtModify":1680777311030,"authorId":3566966810662099,"author":{"id":3566966810662099,"authorId":3566966810662099,"name":"TeenPopZ","avatar":"https://static.tigerbbs.com/8c1bdc62c66e3417a063fc38a4171048","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":384308544,"type":1,"supId":0,"prevId":0,"content":"<a href=\"https://laohu8.com/U/3444504177139447\"> @投资小达人</a> ok","text":"<a href=\"https://laohu8.com/U/3444504177139447\"> @投资小达人</a> ok","html":"<a href=\"https://laohu8.com/U/3444504177139447\"> @投资小达人</a> ok"}],"langContent":"EN"},{"id":384309062,"gmtCreate":1613611244856,"gmtModify":1704882678607,"author":{"id":"3572863493313424","authorId":"3572863493313424","authorIdStr":"3572863493313424","name":"独羽","avatar":"https://static.tigerbbs.com/f5a1f0bf416fab28e8c76100cf08b36a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3572863493313424"},"htmlText":"Why do we need crypto currency issued by a government? Just wondering...","listText":"Why do we need crypto currency issued by a government? Just wondering...","text":"Why do we need crypto currency issued by a government? Just wondering...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384309062","repostId":1160744674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384944589,"gmtCreate":1613610387741,"gmtModify":1704882661274,"author":{"id":"3564271938234861","authorId":"3564271938234861","authorIdStr":"3564271938234861","name":"Josonchong92","avatar":"https://static.tigerbbs.com/e1dc2217d497f2562c83cb301c8366bf","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3564271938234861"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384944589","repostId":1160744674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384957262,"gmtCreate":1613609554056,"gmtModify":1704882649599,"author":{"id":"3554323022733956","authorId":"3554323022733956","authorIdStr":"3554323022733956","name":"同是天涯沦落人","avatar":"https://static.tigerbbs.com/218c98f99603705b961006c26525b95e","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3554323022733956"},"htmlText":"Cool, if we can still transact without the need to connect to Internet via mobile phone","listText":"Cool, if we can still transact without the need to connect to Internet via mobile phone","text":"Cool, if we can still transact without the need to connect to Internet via mobile phone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384957262","repostId":1160744674,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384928833,"gmtCreate":1613608402822,"gmtModify":1704882629603,"author":{"id":"3563596700956479","authorId":"3563596700956479","authorIdStr":"3563596700956479","name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3563596700956479"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/384928833","repostId":1160744674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3603118,"gmtCreate":1613662604656,"gmtModify":1680777420009,"authorId":3563596700956479,"author":{"id":3563596700956479,"authorId":3563596700956479,"name":"DaveNg5144","avatar":"https://static.tigerbbs.com/f512a245bcf42ba3604520e2e90ef7a1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":384928833,"type":1,"supId":0,"prevId":0,"content":"Haha","text":"Haha","html":"Haha"}],"langContent":"CN"},{"id":384965264,"gmtCreate":1613607879658,"gmtModify":1704882620351,"author":{"id":"3527303552443900","authorId":"3527303552443900","authorIdStr":"3527303552443900","name":"Lim89","avatar":"https://static.tigerbbs.com/f21e4020ff962f4d66f99662b584ec1c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3527303552443900"},"htmlText":"Just use akipay and wechatpay","listText":"Just use akipay and wechatpay","text":"Just use akipay and wechatpay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384965264","repostId":1160744674,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":78,"commentSize":36,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1160744674"}