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China's central bank (PBoC) has released a white paper on the implementation status of the digital yuan - China's emerging national digital currency. Article yesterday had some points on future development direction, and answer common questions. 1/8 http://finance.people.com.cn/n1/2021/0720/c1004-32162871.html …
What we already knew: "Currently, [early] digital yuan R&D has been basically completed. The top-level design, functionality, and system debugging has been completed, and some locations are being selected for pilot testing." 2/8
"[Moving fwd], in order to bridge the 'digital divide', we will also explore the introduction of 'hardware digital yuan wallets' to make adoption easier for groups that struggle to use smartphones, such as the elderly and the disabled." said Luo Rui, PBoC official. 3/8
Hm: "In the future, individuals without bank accounts will be able to enjoy basic financial services through digital yuan wallets, and short-term overseas residents who come to China can open such wallets without opening a bank account in mainland China." 4/8
The above solves a problem that was emerging before COVID hit - China's payment system has gone cashless, but setting up a digital wallet meant having to open a bank account, which short-term travelers to China couldn't do. Visitors were starting to struggle to pay w/cash. 5/8
Cash not going anywhere anytime soon: "The physical yuan will coexist with the digital yuan for a long time. China's vast territory, large population, regional development differences, social environment, payment habits, age, etc. make the physical yuan irreplaceable." 6/8
On transaction privacy: "The digital yuan will be tracked on the principles of 'small amounts are anonymous and large amounts are traceable as legally stipulated', and 'minimal and only as necessary', and not shared with other gov depts. except as required by law." 7/8
On forbidden uses: "PBoC will also prevent digital yuan from being used in telecom fraud, online gambling, money laundering and other illegal and criminal activities, and ensure that relevant transactions meet anti-money laundering requirements." (duh) 8/8
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