China may be just about to launch its own digital currency

China is moving at a breathtaking speed! Not unusual so for an authoritarian communist dictatorship focused on and pushing only a few goals!

"The news: China is planning a real-world pilot of its digital currency, the first phase of which could begin before the end of this year, according to a report from influential Chinese financial news publication Caijing. That would support recent speculation that China is on the verge of becoming the first major economy to issue sovereign digital money.  ... The new report outlines specific next steps. It says the PBOC [People's Bank of China] could launch small-scale experiments in both Shenzhen and the eastern city of Suzhou before the end of the year. It would then scale them up in 2020.

The plan: The intention is for it to be a direct replacement for physical cash."

China may be just about to launch its own digital currency (12/11/2019)