Bloomberg he talked to a group of digital yuan users. These are people who took part in the CBDC tests in Shenzhen. These people “Showed little interest in the transition” to digital currency from mobile payment platforms such as Alipay and WeChat Pay. Some respondents even criticized the project for being this one “It can make it easier for authorities to access real-time data about their financial lives.”
Bloomberg: The digital yuan is not very enthusiastic in China
Bloomberg quoted 36-year-old telecommunications worker Patricia Chen who said:
I’m not at all excited [e-juanem].
In turn, 25-year-old Vera Lin said that the use of the digital yuan is “easy”, but she added that “There is no incentive for a sustainable transition to the digital yuan”, because private sector alternatives are already in operation, and they are there “Reliable”.
33-year-old clerk Jan Chen, speaking on privacy, outlined the project “A little scary”. He added that he hopes the launch of the digital yuan does not mean that “the authorities will be able to trace any payment. ‘
Test participants found that the e-yuan wallet is similar to other applications of this type.
The digital yuan and the war for domination
Chinese authorities hope the digital yuan will help Beijing end its dollar dominance in international trade transactions.
Zennon Kapron, managing director of the Singapore-based consulting firm Kapronasia, however, claims that China’s digital currency “Probably won’t increase” yuan share in commercial transactions “By much more than 1 percentage point.” He added that “global impact “ digital yuan “will be very small “unless Beijing is prepared for “Structural changes” in carefully managed and planned economic and financial systems in the country.
Kapron suggested that the only way digital yuan could outshine WeChat Pay and Alipay would be to effectively marginalize these payment platforms and leave citizens no choice on the matter.
Previously, China’s central bank argued that the e-yuan was designed primarily for retail use and was not designed as a direct rival to the dollar. Last year it was finally acknowledged that the project could help break through “Dollar domination.”