What is CBDC and why are countries considering it now? Wednesday, 21 July 2021
Right now multiple countries around the world are considering establishing a central bank digital currency (CBDC). This increased interest may have been spurred on by the decline in cash use during the pandemic, as well as the growing popularity of digital payments.
Cash got a bad name in 2020
Early negative messaging around Covid-19 and cash use could be linked to a significant fall in cash use worldwide last year. In its 2020 Global Payments Report, McKinsey predicted a 4% to 5% decline in cash payments by the end of the year. That figure is four to five times the annual decrease in cash payments, observed by McKinsey in previous reports.
When it comes to digital, ease of use wins
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Buy Now, Pay Later Usage Increases as Provider Options Expand
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China Daily, July 11, 2018.
Sit Tsui is an associate professor of the Rural Reconstruction Institute at Southwest University in Chongqing, China. He Zhixiong is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China. Yan Xiaohui is a researcher officer at the Centre for Cultural Research and Development of Lingnan University in Hong Kong, China.
People’s Lives and Property
Confronting the triple trap of the COVID-19 pandemic, economic downturn, and ecological crisis, the Chinese leadership has reiterated that “China puts the people’s interests first nothing is more precious than people’s lives.” This kind of people-centered governance philosophy is ostensibly meant to protect the lives and health of the people, while defending people’s property under the basic system of collective ownership. Since 1949, China has struggled to maintain its national sovereignty over land resources and the financial system throug