Dear MEL Topic Readers,
Digital yuan will make payments easier and curb corruption
China is advancing payment digitalization even further. Most people have been using mobile payments for nearly everything, including shopping, transportation, and even loan applications extensively or even exclusively. Alipay and WeChat Pay are the dominant mobile payment platforms. Now, the central bank is issuing Digital RMB (renminbi), or e-CNY, to replace physical currency and internationalize the digital currency. The e-CNY is basically the same as physical money but it is transferred in a digital form. It has been tested in various places for some time, and nearly 17 million apps had been installed as of the end of February. It seems we will soon find another QR code shown at retailers and online shops for payment options. Since the e-CNY won’t accommodate money laundering or secretive monetary transaction, bribery and tax evasion may be eradicated if it takes place for physical currency.
If Harry Potter saw Muggles (humans) paying by smartphones, would he want to switch his wand with a smartphone?
Enjoy reading the article and learning about China’s new digital venture.
http://www.chinadaily.com.cn/a/202203/10/WS62294310a310cdd39bc8b939.html
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