An initiator is said to have said, “Judging by the patents, the first step in technological development is essentially complete.” The Chinese Central Bank is cooperating on this project with the country’s major tech groups, namely Alibaba, Tencent and Huawei. Alibaba’s subsidiary Alipay is said to have registered five patents related to China’s state crypto between January and March this year alone.
The Global Times article explicitly states that government digital currencies are the easiest way to enforce negative interest rates. So far, savers can still protect themselves from this silent expropriation by withdrawing cash, but if all money is digital, it will no longer be possible.
Fortunately, there are also “real” cryptocurrencies such as Bitcoin (BTC), which even in this case can still serve as a lifeboat for the savings.
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