Tuesday, February 23, 2021

Automatic vending machines in Shanghai now accepting digital renminbi — Global Times


Automatic vending machines in some metro stations in Shanghai can now accept digital renminbi, as part of the offline application scenarios for digital currency being promoted across the city.

As a critical link in the pilot use of digital currency, offline application scenarios for digital renminbi have been piloted in a variety of situations including in shops and at hospitals across the city, according to media reports.

Users can pay through mobile phones apps or bank cards at venues that accept digital currency check-out functions or digital wallets.

At the moment, only clients who are invited can try the digital currency. Banks issued "red envelopes" of digital renminbi to users in a test before the Spring Festival holidays.
Global Times


Andrew Anderson said...

Fiat accounts plus a (small) Citizen's Dividend.

Both of which the MMT School OPPOSES, btw, being bank toadies if not bankers themselves (looking at you Warren Mosler).

Ralph Musgrave said...

Andrew, I havent seen Warren actually oppose CBDC / full reserve though he did publish some ideas on bank reform which didn't impress me.

In contrast, Bill Mitchell HAS CRITICISED the idea, but that was six or seven years ago. See links below. Seems he isn't much interested in the subject.


Andrew Anderson said...

The trick is to change the way the banks operate not restrict their capacity to be banks.

4. The only useful thing a bank should do is to facilitate a payments system and provide loans to credit-worthy customers.4.
Bill Mitchell from http://bilbo.economicoutlook.net/blog/?p=30833

Bill Mitchell is an elitist in that he thinks some are "worthy" of the PUBLIC'S credit but for PRIVATE gain.

Thanks for the links, Ralph.