China Is Approaching the Release of Digital Yuan by Expanding its Trials:
As the idea of issuing the Central Bank Digital Currency (CBDC) is gaining traction worldwide, China makes practical steps to make their digital yuan release closer. Now, the country is going to expand its trials to test the CBDC potential on a larger scale.
CoinIdol, a world blockchain news outlet, has reported the start of the first digital yuan trials back in spring 2020. Initially, it covered four locations across the country: the cities of Chengdu, Suzhou, Shenzhen, and Xiong'An. It included major commercial banks of the country as well as some well-known global brands such as McDonald's and Starbucks.
Now, as the Wall Street Journal reports, the People's Bank of China (PBoC) plans on expanding the pilot's area to the country's major cities and provinces including Beijing, the provinces of Tianjin and Hebei, the Yangtze River Delta region, and the Guangdong-Hong Kong-Macao Greater Bay Area.
The expansion is mostly targeted at checking the operation of the CBDC on a larger scale, as well as shaping of final policies before the full-fledged launch. However, the PBoC haven't provided any specific date of the expansion start, as well as the planned launch. At the same time, the institution stated that final policy-shaping is expected to be completed before the end of 2020, so the expansion is likely to start in the days ahead.
[...] The launch of the digital yuan can potentially make China the world's strongest economy, thus giving it a chance to combat the US hegemony in the world. That is why the country is very unlikely to take too long with expanding its CBDC trials as well as finishing all development processes.
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China Expands Digital Cash Pilot Program:
(Score: 1, Informative) by Anonymous Coward on Monday August 24 2020, @04:27AM
By devaluing the Renminbi, China has ensured a *rising* standard of living for its citizens. A nation devalues its currency to promote exports which leads to industrial demand and the associated jobs. Which leads to a tighter labor market and rising wages.
China has a brutal authoritarian government that is guilty of many crimes, but they have done wonders in raising the standard of living for their people. The poverty rate in China has fallen from 88 percent in 1981 to 0.7 percent in 2015.
https://en.wikipedia.org/wiki/Poverty_in_China [wikipedia.org]
As for the rest of that revisionist history in your account, it is even further removed from reality. And, you might want to read up a bit about Kissinger-- you may decide you do not want to be associated in any way with such a monster.
https://en.wikipedia.org/wiki/The_Trial_of_Henry_Kissinger [wikipedia.org]
https://www.newyorker.com/news/news-desk/does-henry-kissinger-have-a-conscience [newyorker.com]
http://fs2.american.edu/dfagel/www/Harper's%20Magazine%20THE%20CASE%20AGAINST%20HENRY%20KISSINGER_(former%20Secretary%20of%20State).htm [american.edu]