China’s Successful Digital Currency

China’s Successful Digital Currency

A little while ago we reported on how the Chinese government trialed a digital currency for its citizens. We also reported on how problematic such a thing could be.

But, regardless of that opinion, the idea went well. With millions of yuan going through the system in the short time they had it in place.

And now the plan is to go wider. To test the system with more people, more cities. Time will tell if the servers and systems needed to run something like this can handle the influx of data, but the message is clear: China can make this work.

Which now means there’s a precedent for digital currencies backed by a country. There are likely many more barriers for America to embrace a similar system, but with the technology increasingly understood for application, it may only be a matter of time before the idea gets some serious considerations.

By |2020-10-14T04:58:24-05:00October 16th, 2020|DFN COLUMNIST|Comments Off on China’s Successful Digital Currency

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