The Digital Yuan: China’s Anti Bitcoin

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Money - we spend our existence chasing it in the modern world. Yet hardly any of us knows how it works, how the idea of money has changed over time and how we’re on the precipice of the next evolution of money. An evolution that’s either going to be really dystopian, or one that might set us free. And the main player fighting for a more dystopian financial future? China.

During the Tang Dynasty, China invented the next evolution of money. Traders started leaving those strings of coins behind to a trustworthy agent. That trustworthy agent would then record how much money the trader deposited on a piece of paper, the trader would hang on to that piece of paper, to use in place of physical coins. That piece of paper would be known as receipt money. And today, that trustworthy agent can be not-so-trustworthy - and goes by the name of a banker.

Today - it’s also China who’s pushing for the next evolution of money.

Alibaba and Jack Ma launch Alipay, a mobile wallet app that lets users pay for almost anything with a QR code on their phone. Bitcoin is invented. China paid attention. WeChat, China’s messaging app that is used for almost everything, launched its own mobile wallet, WeChat Pay

Facebook announces that it’s going to launch its own cryptocurrency, Libra, that it’s 2 billion users at the time could use to transact on the platform. While the US focused their efforts on stopping Facebook’s power grab - China accelerated their’s.

Although the Chinese government does have ultimate control over these tech giants and they have to send their data to the gov, it’s still a black box, the data is still delayed, the data is still in the hands of powerful people that the gov might not be able to trust, and these tech giants were starting to take over many functions of the traditional banking system and even the gov.

Since the start of the initial Digital Yuan trials, more than 100,000 people have downloaded the government’s mobile app. Basically, China took all the good stuff about cryptocurrencies. And although China has mentioned that they intend for the Digital Yuan to coexist with AliPay and WeChat Pay, I wouldn’t suspect that to last very long.

Will the future of the world look more decentralized and free, or even more centralized and controlled than it is right now? It’s hard to say.
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No Spirit - Slightly Improvised https://chll.to/6347930b

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