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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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