28 C
Accra
Friday, November 27, 2020
No menu items!

China experiments usage of digital currency

Must Read

President Akufo-Addo completes and commissions 60-bed Twifo Praso Hospital

The President, Nana Addo Dankwa Akufo-Addo, has commissioned the sixty-bed Twifo Atti-Morkwaa District Hospital, located in Twifo Praso, in...

UNDP, Vodafone Ghana train women in agribusiness on digital banking

The United Nations Development Programme (UNDP) in partnership with the Vodafone Ghana Foundation has empowered rural women engaged in...

Online Publication Of Voters’ Register

NEWS COMMENTARY ON PUBLISHING VOTERS REGISTER ON GOOGLE DRIVE BY THE ELECTORAL COMMISSION. The Electoral Commission (EC) this week posted...

China’s experimental $1.5 million (1.16 million pounds) giveaway of digital yuan to Shenzhen citizens ended on Sunday with acclaim from currency analysts – and scepticism from some users saying they preferred existing shopping tools like the ubiquitous Alipay app.

Under the week-long programme, the People’s Bank of China (PBOC) gave 200 yuan ($29.75) to each of 50,000 consumers selected in a lottery in digital “red envelopes”, echoing the country’s traditional way of gifting cash.

The online wallet was accessible via an app, without need for an existing bank account, with payments accepted via smartphone scans in downtown outlets in China’s fourth-biggest city, from luxury goods retailers to snack stores.

The largest such trial to date in the world’s second-largest economy had been hailed by analysts as a step forward for Beijing as it chases what has become a Holy grail among the world’s central banks – the first central bank digital currency.

“The event last week really means that the (digital yuan) has already moved from theoretical internal testing to real world practice,” said Wang Shibin, co-founder of cryptocurrency trading platform HKbitEX.

But this has sparked fears from some overseas observers: if the digital yuan, which operates outside existing financial infrastructure such as Swift, wins international traction, it could undermine U.S. dollar dominance of global payment systems.

Sourcereuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

President Akufo-Addo completes and commissions 60-bed Twifo Praso Hospital

The President, Nana Addo Dankwa Akufo-Addo, has commissioned the sixty-bed Twifo Atti-Morkwaa District Hospital, located in Twifo Praso, in...

UNDP, Vodafone Ghana train women in agribusiness on digital banking

The United Nations Development Programme (UNDP) in partnership with the Vodafone Ghana Foundation has empowered rural women engaged in agribusiness in the Upper East...

Online Publication Of Voters’ Register

NEWS COMMENTARY ON PUBLISHING VOTERS REGISTER ON GOOGLE DRIVE BY THE ELECTORAL COMMISSION. The Electoral Commission (EC) this week posted the nation's voter register of...

EC to deploy 234,206 officials for Election 2020

The Electoral Commission (EC) will deploy 234,206 permanent and non-permanent officials across the country to perform electoral duties on December 7. The number comprised 1,649...

Journalists charged to ensure accurate and balanced reportage in lead up to the polls

A Senior Lecturer and Media Consultant to the Ghana Journalists Association, GJA, Dr. Bonnah Koomson has advised journalists not to be swayed by their...

More Articles Like This