Dear MEL Topic Readers,
Digital currency to change financial world
How digital will China be next year or by the time you get a new smartphone? Though China just had an annual meeting to set a new economic plan for the next five years, new arising technologies and their convenience may change how people pay things dramatically and even faster than it is projected. As you know, China is the most advanced pay-by-smartphone country. You can buy anything from an orange to an electric car, send money to anyone, borrow money or a mortgage, pay taxes and a speeding ticket, receive salary or pension, and ride a bus or subway, most of which is done through payment platforms like Alipay or WeChat Pay. In fact, a cue is hardly seen before ATMs nowadays, and banks are disposing of those costly machines. Now, Chinese authorities are preparing to introduce a digital currency, which is not backed by physical money. Will banknotes or coins disappear so soon in China? If that happened, some people who don’t have digital access or device could face serious problems and inconvenience. So, the bank officials say both digital and physical money will co-exist, at least to some point. But water flows to the lower side. The question is how fast.
Enjoy reading the article and learn what digital currency could do to the world.
http://www.chinadaily.com.cn/a/202011/10/WS5fa9d4a7a31024ad0ba8a757_1.html
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