The era of paper notes is over, now is the time for digital currency

Beijing ( April 11, 2021) When coins or nobles were used for money around the world, China invented the paper currency. Now China is about to become the first large country in the world to have a digital currency. Is about to introduce what the central bank will control and thus try to end American economic dominance in the world.

Credit cards and payment apps have made money transactions virtually virtual, according to the Wall Street Journal, but China is focusing on digital currencies. But not all of these digital currencies are part of the traditional global financial system, nor do they have legal support from governments.

China envisions a digital currency that will be controlled by its central bank, ie launching a new electronic currency. Thanks to the digital yuan, the Chinese government will also prevent a key factor in attracting bitcoin, the consumer. Central banks around the world, including the People’s Bank of China (PBOC), are considering developing digital currencies that will speed up local and international payments as well as make them cheaper.

Will The digital yuan will help the Chinese government track people’s spending in real time, while the wealth will not be tied to the global financial system, which is dominated by the dollar, which could shake the pillars of American power. The yuan is being designed as an alternative to paper notes and is not a substitute for long-term deposits in bank accounts. Commercial banks will play a role in distributing digital currency to consumers and in return The same amount has to be deposited in your reserves.

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