Zero Hedge: Of all the technological revolutions we’ll live through in this next decade, none will be more fundamental or pervasive than the transition to digital cash. Money touches nearly everything we do, and although all those swipes and taps and PIN-entry moments may make it seem as though cash is already digital, all of that tech merely eases access to our bank accounts. Cash remains stubbornly physical. But that’s soon going to change.
As with so much connected to digital payments, the Chinese got there first. Prompted by the June 2019 public announcement of Facebook’s Libra (now Diem)—the social media giant’s private form of digital cash—the People’s Bank of China unveiled Digital Currency/Electronic Payments, or DCEP.
Having rolled out the new currency to tens of millions of users who now hold digital yuan in electronic wallets, the bank expects that by the time Beijing hosts the 2022 Winter Olympics, DCEP will be in widespread use across what some say is the world’s biggest economy.
Indeed, the bank confidently predicts that by the end of the decade digital cash will displace nearly all of China’s banknotes. Read More