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China Charges Ahead With a National Digital Currency

China Charges Ahead With a National Digital Currency



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  1. >The design of eCNY borrows only a few minor technical elements from Bitcoin and does not use the [so-called blockchain technology](https://www.nytimes.com/2021/01/26/technology/what-is-blockchain.html#:~:text=Nathaniel%3A%20The%20blockchain%20in%20the,new%20entries%20visible%20to%20everyone.), a ledger-like system, which most cryptocurrencies rely on, officials from the People’s Bank of China have said.

    centralized coin without blockchain – completly useless

    just another means of controling people in china

  2. tldr; China is testing a national digital currency called ‘electronic Chinese yuan’ (eCNY) in cities such as Shenzhen, Shanghai and Beijing. The country’s central bank, which began testing eCNY last year in four cities, recently expanded those trials to bigger cities like Beijing and Shanghai, according to government presentations. The development of China’s digital currency began in 2014, when the People’s Bank of China set up an internal group to work on one.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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