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What is Digital Renminbi? There is no blockchain technology nor is it a cryptocurrency. If you try Wikipedia, you'll learn nothing! The article below from Nikkei Asia is the clearest so far.
"Dispelling the myths and rumors about China's digital currency.
Every technological evolution spawns a crowd blinded by ignorance"
Nan Li and John D. Van Fleet
August 13, 2021 17:00 JST
https://asia.nikkei.com/Opinion/Dispelling-the-myths-and-rumors-about-China-s-digital-currency
Quote: "The digital yuan is simply a digital version of cash that has the full backing of China's central bank, the People's Bank of China (PBOC). The difference between the two is that one is physical and the other is digital. Just like paper notes and coins, it is a fiat currency, not a cryptocurrency. Nor is the digital yuan -- or any of the other digital currencies currently under development around the world -- intended to replace China's banking system. No central bank is that silly."
From the above, our SGD would be considered a physical "non-digital" currency. Why so? You can demand 1000 SGD cash from your bank cashier and they are obliged to give you the physical bank notes. No one can trace the flow of the notes even when you buy drugs in the streets.
Quote: "The reason that money launderers and such prefer out of sequence banknotes -- and, increasingly, cryptocurrencies -- is to avoid the long-established ability of central banks to track and detect suspicious transactions in the banking system.
Moreover, the digital yuan features a double-offline transaction technology, in which two users can transfer money in their digital yuan wallets, even if neither has a network connection."
When you make payments through the banking network, the payer/payee ID are known. In offline digital RMB between two mobile phone, the two parties identities probably are not recorded - thus unknown; only an amount of money gets transacted.
The Digital Renminbi adds nothing significant to the Yuan! Don't hope that just because China is trying to introduce a so-called Digital Renminbi will it "Make China Great Again" - like in the time of Han Wudi.
"Einstein's E=mc² Is Invalid"
Chan Rasjid Kah Chew,
Singapore.
http://www.emc2fails.com
"Dispelling the myths and rumors about China's digital currency.
Every technological evolution spawns a crowd blinded by ignorance"
Nan Li and John D. Van Fleet
August 13, 2021 17:00 JST
https://asia.nikkei.com/Opinion/Dispelling-the-myths-and-rumors-about-China-s-digital-currency
Quote: "The digital yuan is simply a digital version of cash that has the full backing of China's central bank, the People's Bank of China (PBOC). The difference between the two is that one is physical and the other is digital. Just like paper notes and coins, it is a fiat currency, not a cryptocurrency. Nor is the digital yuan -- or any of the other digital currencies currently under development around the world -- intended to replace China's banking system. No central bank is that silly."
From the above, our SGD would be considered a physical "non-digital" currency. Why so? You can demand 1000 SGD cash from your bank cashier and they are obliged to give you the physical bank notes. No one can trace the flow of the notes even when you buy drugs in the streets.
Quote: "The reason that money launderers and such prefer out of sequence banknotes -- and, increasingly, cryptocurrencies -- is to avoid the long-established ability of central banks to track and detect suspicious transactions in the banking system.
Moreover, the digital yuan features a double-offline transaction technology, in which two users can transfer money in their digital yuan wallets, even if neither has a network connection."
When you make payments through the banking network, the payer/payee ID are known. In offline digital RMB between two mobile phone, the two parties identities probably are not recorded - thus unknown; only an amount of money gets transacted.
The Digital Renminbi adds nothing significant to the Yuan! Don't hope that just because China is trying to introduce a so-called Digital Renminbi will it "Make China Great Again" - like in the time of Han Wudi.
"Einstein's E=mc² Is Invalid"
Chan Rasjid Kah Chew,
Singapore.
http://www.emc2fails.com
