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#SOME CHINA STREETJOURNAL ECNY ALIPAY WECHAT SOFTWARE#

And the three telecoms companies are China Telecom, China Mobile, and China Unicom.вЂќД¬hinaвЂ™s much anticipated Central Bank Digital Currency (CBDC) will start pilot testing this month, according to local outlet Caijing. The four state-owned banks involved are the Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, and Bank of China. The process is intended to mirror the way physical cash is distributed. And the banks then distribute this digital currency to consumers. ThatвЂ™s in part because it is a two-tier currency, where the first part involves the commercial banks converting some of their central bank deposits into digital currency.

The currency is referred to as the Digital Currency Electronic Payment (DCEP). The next step is to launch pilots, which are planned for Shenzhen and Suzhou. The first firms involved are the four major state-owned banks, the three big telecoms companies and Huawei, which recently signed a cloud deal with the PeopleвЂ™s Bank of China.ДЄccording to Fan Yifei, the deputy governor of the PeopleвЂ™s Bank of China (PBoC), the currency has completed its top-level design, formulation, functional research and testing. вЂњChinaвЂ™s much anticipated Central Bank Digital Currency (CBDC) will start pilot testing this month, according to local outlet Caijing. вЂњThey are the one who actually created the technology strategy which went up to the Development and Reform Commission. But actually, in many ways, Red Date Technology plays a critical role in the development of BSN because they are the one who architected the BSN,вЂњ said Michael Sung, a professor at Fudan UniversityвЂ™s Fanhai International School of Finance.

#SOME CHINA STREETJOURNAL ECNY ALIPAY WECHAT SOFTWARE#

As the only one of the three original founding companies with a specialized software background, Red Date initiated the project and has been spearheading the networkвЂ™s technical design. That realization is a core idea of the Blockchain-based Service Network (BSN), a government-supported initiative scheduled to open for global commercial use Saturday. вЂњThen I realized we can actually build a multi-framework platform to reduce the cost for everyone.вЂќ вЂњвЂњInitially I thought blockchain, especially distributed ledger technology, had no commercial value because it was too expensive,вЂќ said Yifan He, CEO of Beijing Red Date Technology. Some balked at the possibility a digital yuan might give authorities easier access to real-time data on their financial lives.вЂќ that have already replaced cash in much of the country.

In Shenzhen, the high-tech metropolis that just extended ChinaвЂ™s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. Yet talk to people whoвЂ™ve actually used the digital yuan in China, and youвЂ™re more likely to get a different response: shrugs of indifference.

Joe BidenвЂ™s White House is studying the potential threat to U.S. Franklin TempletonвЂ™s Michael Hasenstab says it could undermine the dollarвЂ™s role as the worldвЂ™s reserve currency. Historian Niall Ferguson is calling the digital yuan a вЂњpotentially fatal challengeвЂќ to decades of American financial hegemony. вЂњAs China moves closer to rolling out the worldвЂ™s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

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