Beijing signals Digital Yuan will integrate with existing payment schemes

China appears to have begun to address one of the big unanswered questions about its central bank digital currency: how to get people using it, given rival electronic payment schemes are already ubiquitous. Beijing has slowly rolled out its Digital Yuan over the last couple of years, giving it away to promote uptake and …

[IamAProton]

Digital Ponzi

Chinese economy is a huge government-driven ponzi scheme. Nobody in his right mind woulk like to use the e-cny if not forced to. Sure, not a huge issue if you want to buy coffee or some cheap stuff on aliexpress, but owning real assets in cny would not let me sleep really well.

[Anonymous Coward]

cny vs e-cny

Whether the US (or the UK) like it or not, the Chinese Yuan is a real reserve currency. The IMF ranks it 5th in foreign exchange reserves behind the US Dollar, Euro, Japanese Yen, and British Pound Sterling. (note that the chart is not in order and refers to it by its Chinese name, the Renminbi - CNY is its ISO designation)

https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4

The digital yuan is not a Ponzi scheme, since it is backed by the Chinese government, (and is a surveillance mechanism within China). Its future, like those of the digital dollar and digital pound, is yet to be determined.

[IamAProton]

Re: cny vs e-cny

CNY is backed by the government so it's safe as long as everybody believe their numbers.

I do not think the chinese government is to be trusted, most recently we've seen chinese companies voluntarily pulling out of US stock market when faced with the chance of being audited (before they were exempted because of ccp pressure) and this is one of the several red flags about their economy.

Anyways eveybody is free to gamble.