China is starting to force its CBDC onto people

China has been one of the earliest countries to start up their CBDC, and now it is looking like they have tested it enough and are starting to push it through.

Forcing CBDC onto people

One of the first things countries will do in order to get people to use their CBDCs is to show how "easy" it is to use. And this step China is taking is right from that playbook. They are making it mandatory for e-commerce platforms to incorporate the digital Yuan. Initially, this can be done with a QR-code but I assume that is just to make it easy on the platforms. In the long run, I think the digital Yuan will be put front and center as the mandatory defacto go-to payment option.

This means that at least for now it will not impact Chinese shopping. But Given China's history of extreme. I can not completely rule out a near future where the digital Yuan is the only payment option on these platforms. But by the looks of things we appear to be some time from that still. 

How is the CBDC coming along in your country? Have they started trails yet or are they still in the development phase? Please let me know in the comment section below.

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Patch Verified Member

I am a patchy reader and writer of words... I also publish on Hive under @daje10

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