In the previous posts (1,2) we saw the proyects of the different countries for the implementation of digital currencies, the most developed until now has been China's digital yuan. This week China's government has announced that will give almost 1.3 millions of euros in this digital currency to start to use it in payments around the country.
The initiative was started with a random assigment of this new Yuan to the participants in a contest that signed up for it some months ago.
China's population is used to make payments without cash at all, credit cards are so widely used that won't be any problem for the implementation of this new money. Every selected participant will receive 25 euros that they can expend in any store.
There are many concerns about the privacy and security of this new digital Yuan will be a good test run for sure this initial social experiment, we can't expect to see the real use of this money until is fully released though, the participants will use it for regular purposes instead of what we could expect for the cash.
Well anyways most of the cryptos have some kind of traceability, only MONERO and few other coins have an encription designed to be fully private (and we already know how are considered by the goverments).
If any citizen wants privacy in their transfers cash will keep being important, probably will be a population that won't use digital coins for this exact reason. Also crypto brings an alternative use to these digital coins, could this attract new users to crypto?, I believe it so.
SOURCE: Nikkei Asia
