The Nebula / CuriosityStream bundle is no longer active. Instead, you can sign up for Nebula directly with my discount now for about $2.5 a month with a yearly plan, which includes Nebula Originals AND the whole Nebula Classes platform, too, including my own class. Sign up here: go.nebula.tv/techaltar
I agree with almost everything he says except "atrocious human rights record of the Chinese government... or having an opinion that the government doesn't agree with" - he needs to study Chinese history thoroughly to understand why Chinese people comprises 1/6 of humanity... Population growth can only occur in times of peace and property... He may be digitally literate but he is history illiterate...
I used to be a reporter who covered Central Bank Digital Currency and you did a great job explaining it here, glad it’s getting the exposure it deserves!
@@TechAltar you definitely didn’t! Also glad to see you criticise SWIFT, they’re so outdated and engage in many questionable practices and it’s insane that our banking system relies on them so much yet nobody knows what they are. Also I hold a personal grudge because I once spent 2 hours on the phone trying to get a quote from them 😢
@@TechAltar if you want to know more about CBDCs I’d recommend having a look at the eKrona in Sweden, their research into the economic impacts is very extensive considering how small the country is, and they were one of the pioneers in thinking about CBDCs
Am new to trading and my presumption is that I'll be needing an expert to guild me through the process of trading . But am a bit curious about get one.
Let me just say, when you upload a video, I usually stop whatever I am doing and watches it. I LOVE your content so so much! And I am very sure that I am not the only one who does it.
@@wilkinlow lmao don't remember me that. All of my savings are in those older bills but they will soon become obsolete so I'll have to change them at the bank.
The reasons of China government had the talk with Jack Ma and halted the Ant IPO: 1. Jack Ma was trying to issue ABS through the Ant Group, the same financial product brought 2008 financial crisis. And he could have done it with Alipay, which could create celestial level of risky asset. 2. He was asking the government to loose the regulation on the internet corps' new financial product.
@@fauxhound5061 www.reuters.com/article/ant-group-abs-shhex-1125-idCNKBS28509U zhuanlan.zhihu.com/p/307914864 Not much materials in English though, I can only find some partially summarized articles in Chinese. The Ant Group has already issued 3 ABS, which have created around 1:100 leverage ratio since 2017. That is, 3.8 billion RMB to more than 300 billion RMB. And Jack Ma wanted more. In China, people say Jack "become the dragon he once wanted to slay".
2:58 I don't understand how merchants can simply refuse to accept cash. Isn't cash also a legal tender in every country? If they can do that, then they can also refuse to accept DCEP, can't they?
You are right, they should in theory not be allows to refuse it, but the government hasn't cracked down on the practice hard offline so far, plus it's a little harder to monitor every last dumpling stand across the country, especially when they can just say "sorry, I don't have any change right now. Do you have Alipay?" The thought is that enforcement online should be easier as there are fewer merchants and its easier to track what payment methods they do or don't accept
People are already refusing cash. Even in the west. It's like when you get a Uber and you have to pay through the app. The app's gateway basically forces users to use only those approved options. When there is no cash option, you are forced not to use cash. Ie: you can't just order a Uber and then pay the driver directly with cash. It's the same here in China. Except imagine not just limited to ubers or e-commerce. Imagine like going to a small street food truck type shop, and they ask you to pay them using their QR code. You are probably already using a system like this, which cash is refused but you aren't aware of it. Like my town's public bus system would only accept exact change in coins. Or you could go get a prepaid card from the station. Bus drivers would refuse to give back change. Or use any other payment methods
Simple, because cash has alot of counterfeits. Nowadays nobody uses cash there, if some shady dude shows up to buy with a stack of cash. You will think somethings is up. Counterfeits in china are very hard to tell the real from fakes. Another reason is laziness, collect cash and you will need to travel to bank it in. No other place likes using cash so why accept it in the first place?
@@TechAltar Wouldn't use of a system like UPI be more useful for stated objectives rather than creating a new currency? How could a govt force citizens to use it's digital currency instead of mobile apps which offers Cashback and other exciting offers?
*Poor mindset immediately sees a surplus as an opportunity for consumption.* *Rich mindset seeks to spend their time,* *Resources,* *And energy on work that continues to pay off long after the effort has been invested.*.
I have got to understand now that. A lot of Americans don't even think about investlng little of there money and then grow there portfolio instead they wait for NFP every first Friday of every month hoping there are more employment. You guys are getting it all wrong. Start investlng.
This is also a trend in the west. People will inevitably choose convince over old technologies. Furthermore it is more secure to carry a digital wallet which does everything than a real wallet which can be lost or stolen.
China effectively booted out the middlemen in order to be the middleman. I have always wanted to understand how this whole crypto trading thing works and all but I haven't just figured it out yet.
All you have to do is conduct some research and hire an expert trader because many people make a lot of money trading crypto, Nft, stocks, and other financial markets. Trading cryptocurrency was how I made my first million dollars.
Without prior knowledge, trading on your own can be dangerous; you could lose all of your money. I urge that you seek expert help because you will not be concerned about losing money and will learn more as a result.
@@ej372 George Wesley Oliver, is a qualified broker, a very reliable portfolio manager, and an Expert Trader. He has made a lot of money for me and I have successfully withdrawn money from my account, therefore he is really trustworthy and genuine.
@@rebeccaings2845 I know George Wesley Oliver, and he's not like other brokers who start telling you stories and making excuses for why the trade didn't go as planned after you've paid them.
Here in the Nordics paper currency is rarely used. I don't even remember the last time I used any. Additionally, the government can and does scan everyone's bank accounts, and they'll quickly send you a tax bill or cut benefits if you receive money from someone. China doesn't sound that much different in practice.
There's a huge difference. The biggest one is that China doesn't do things for the benefit of its citizens it does it for the best of the party leadership. Good tools in the hands of the corrupt leads to terrible results.
@@lordkekz4 As I understand it, the Nordic countries are transparent about who earns what, and pays what income tax, so in that context it probably makes perfect sense.
This is kinda like the UPI(Unified Payment Interface) system we've got in India, well UPI is not a digital currency, but just a payment method, linking our bank accounts with a virtual payment address, opened with third party apps like GooglePay, JioPay, SBI Yoni, etc It's actually pretty convenient using UPI with QR codes for payments. UPI was started by NCPI(National Payments Corporation of India) which is owned by banks and those third party participants, along with the Reserve Bank of India, so I guess the data is being collected by the govt. here too....
Lol. You want to go back to gold/silver? If you want BTC to be successful it must first be non-volatile. There is too much volatility in crypto to be used as currencies.
Even if all transaction are traceable, All major corruptions happens through transactions with electronic payment So I don't think there is ever end to corruption even you can have all transaction traceable Because there is always a loophole to get things around
I live in China. The major flaw to mobile payment is that it relies on you having battery. Which is not always the case at 2 AM after a night out. That's why I still use my contactless debit card in the UK even though I predominately use QR codes in China. I also carry a transport card now as backup in case my phone battery dies.
The Scamdemic is being used here to condition the population to using QR codes all day, every day. They’ve implemented compulsory QR check in for every business. We’re being prepped for the Chinese system.
I don't understand why we are still talking about "digital currency" = "cashless" in the comment section. Cashless society is already a reality in China so it's certainly not something the Gov is trying to push rn. "Cashless" means M1 or even M2 goes virtual, but every number in your Alipay is still corresponding to a paper bill in the bank, which means whenever you do a purchase, both your digital wallet /card and the seller need to inform the bank to change the owner of that certain amount of paper bills lying in the safe of that bank. Whereas "digital currency" is the paper bill itself, it means M0. When you do a purchase, the money just go to the seller's pocket without notifying anyone just like what you do with a real paper bill. Chinese gov is trying to find a way to avoid the potential, financial and international lockdown on China by the US through the swift system.
Basically this is just cash with government tracking. Instead of just alipay / wechat. If anything, most likely the fintech companies will be forced to use the system and now all three will be tracking. It's not like the fintech is going to be able to operate out of the loop anyway
Government vs Private company Government has a political incentive to maintain social stability through responsible financial policies. Private companies cares only about profit, and if they're too big to fail, they can do pretty much whatever they want.
you and Rene Ritchie were only youtube tech channels I used to subscribe notifications from, now it's just you. hopefully your content will stay as good as it has been for the past several years.
Which the government around the global can and have been doing for decade. The US in perticular can do this to a citizen of another country, in another country.
@@thomashirtz The government controls the banks, all your money are in the banks. Unless you use cash only. Even that, the government can claim the notes you hold illegal.
banks already can freeze your money for no reason under "laundering" suspicions. government can already take money out of your bank account automatically. you want to take out money from banks? you will be charged a lot if it meets small monthly threshold. you're tied already to it
You might be one of the only people who gave fantastic information about this. Just gave straight facts and a fantastic background story regarding the system unlike so many other channels. Also your work was unbiased as well so well done
Nah. If you go back to China in 2013, not just apps developed by the government, even mobile apps of the biggest commercial banks suck, in comparison with all other apps at the time.
Yeah, but the Chinese government already spies on you. And they do say they can improve the economy instead of these private companies who will just look for their profit! 🤔
We westerners just don't understand what China is doing. We westerners just don't understand that economies, countries fight each other. It's not about being democratic and being vocal and happy about it. It is about how good you can be on the play field of the globe, where resources are indeed finite, gains can only happen to one side when the others are loosing and the rules are not set at all. Anything, any strategy is welcome. Win the global war for finite resources, win the global war of creating a society that is capable of living through ages, eons. Win the war for getting your culture stay alive, win the war to secure your place on earth for the coming few thousand years. That is the game they are playing. We seem to be puppets in that game for the last decades or so. If you can win this war, great. If you can keep your citizens (your people) more or less happy at the same time, congratulations, you did a great job. And we westerners are whining about "distopian", "orwellian". Ehh. Would be good to see results on "individual happiness level" of people in West vs China.
@@wastinglifeonyoutube Not that extreme but yes they use ai and if you loose too many points you will get publicly humiliated and lose social privileges.
Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world” - Henry Kissinger
i just love your ability to segue to a sponsor segment without making it awkward or obvious at all.keep doing what you do man.if i am a fan of someone on youtube,it is definitely you.
小熊维尼 inherent value? yes, it is worthless. but, it is backed by one of the strongest powers in the world. it's still widely accepted as a payment option.
@@proCaylak hahaha come on, tell the guy he’s a wumao, that’s what you westerners always do. Btw, we Chinese love CCP, call me shill I couldn’t care less
One thing that deserves mention, with a digital yuan, you practically wipe out most of the money laundering in short order. That's got to be a good thing right?
Lol no. Someone will find a way to do all of this in no time. I'd give it a couple years at most before hackers figure out how to rig this system. All this is going to do is make criminals more tech-savvy
Nah what you're going to end up seeing is people finding a way to store digital currency on flash drives where it can then be exchanged without any online tracing
I wonder what effects the DCEP will have on tourism, if the DCEP becomes the standard form of payment to the point of making businesses stop accepting cash (as a lot of shops have in Sweden). Very interesting topic and great video!
Cash is still legal tender in China and shops must accept. However enforcement is difficult as they will have to track complaints and then take action.
A very interesting and informative video. Also as a Bahamain, I knew that the number of countries launching digital currencies was small, but I didn't realize it was THAT small lol.
Chinese people are the boldest avant-garde. They dare to try all new things. They seldom argue about something, but they think of it and put it into action immediately.
@@tedhansolo exactly. Imagine a tech company shutting up a sitting President. So now tech company that owned by Mark Zuckerberg could decide who could speak and who couldn't. Hypocrite west.
My country also do this, Indonesian government make some regulations regarding digital payment app mostly local companies like dana, ovo & gopay. I once help my family member set their account and they need to take a selfie, a photo of ID card (isued by Civil registration for every citizens), phone number (every mobile phone number require registration with ID number too). So this regulations pretty much normal here, everyone with OVO, DANA or Gopay account do same thing. Their justification is to prevent fraud because it's working like bank account, people just transfer their balance from normal bank to this app for convenience.
Not necessarily, at least I'm used to WeChat and Alipay and not planning to use the digital currency anytime soon. Personally I believe this is one more step closer to monitoring corruption and money laundry, but of course, the privacy invasion is inevitable which I agree half/half
I interpreted "72nd edition" as "70 second edition" 😅 I was so disappointed until I checked the video duration! Thanks for these in-depth videos about the coolest things that most other youtubers never seem to cover!
India almost all digital transaction are done with the currency from bank account to account with the UPI technology, where users mobile no are linked with the bank. Digital wallet companies couldn't complete with UPI and adopted UPI.
Totally different, UPI is a national backed transfer platform. DCEP is national backed currency - M0, which is RMB. The first country in the world implementing this recently
It's not surprising. Notice that it says mobile payment, not cashless. Generally, credit cards have good penetration in developed/first world countries. The natural evolution of this type of payment is contactless/NFC-based wallets like Google Pay and ApplePay. Developing countries skip this altogether and move on to QR-code/mobile based payment.
Digital currencies are great but they definitely need to be decentralized and blockchain based. A government having tight control over all payment transactions like in China is very creepy and probably the wet dream of all authoritarians.
@@tk9060 well i mean they are ignorant yet they do not accept facts, they really do love their fake news and they probably believe in conspiracies lmao
This will literally be a dystopia for everyone living in China, we are already angry from corporations knowing so much about us, but imagine how dangerous that could be in the hands of a dystopian authoritarian regime, I'm sure this will never go wrong...
unfortunately i have to object, a currency is one of the most powerful tools an economy has when it comes to foreign trade. Not having an own currency can be a major drawback (i.e. Italy/Greece never being able to get out of their recessions after 2008) and since China's economy relies so much on foreign trade, the fear of people just stop using the "real" currency is understandable. If noone in China uses the Yuan then noone will be willing to accept the Yuan internationally thus basically transforming the Yuan into glorified toilet paper. So the plan to prevent this by coming up with a e-Yuan is a smart idea. At least economically
@@BETA-Welle you totally missed the point. Also what you said is not necessarily true. That's not how national currencies work. Renminbi is not like the Euro. China has direct control over their monetary policy unlike Spain or Greece. Even in a hypothetical situation where Renminbi becomes totally replaced by toilet paper currency, the government of China still collects taxes and debts in Renminbi. And being a trillion dollar sized economy with trillion dollar sized government projects. The demand for the renminbi is not going to dissappear just because the common currency changed to something else. Renminbi being accepted internationally or not has never been a problem. FYI, the renminbi was never allowed to trade freely outside of China. In fact, Chinese businesses used to and still do trade in USD, even way before it's opening if it's economy. Its something as basic as buying something on aliexpress. The seller expects renminbi, but the US buyer pays in US currency. The buyer does not pay renminbi directly. Inversely if a Chinese buys from US, the US business expects USD. Renminbi being accepted or not makes no difference. As long as there is trade into China, there will always be demand for renminbi. Simply because the Chinese government isn't suddenly going to change an accept payments in any other currency, so basically even if the aliexpress seller makes a ton of USD, they will still demand RMB to change into to pay for their own cost
@@OmgEinfachNurOmg sorry, i msread your comment, i thought you said that china itself would be fine if it just stuck the Yuan but had a robust judiciary system. @C Y Of course the demand for Yuan wouldn't decrease to flat 0 but it would probably still be enough to have a big influence on the Yuan's exchange rate and thus have a huge impact on the Chinese economy. And since the economy is the best argument the Chinese government has for itself it would not be wise of them to just hope that not too many people switch to bitcoin or any other non-chinese alternative and thus risk a corner stone of the Chinese authorities legitimacy.
When China Central Bank finally done with no more printing paper currency , everyone will have to switch to digital currency like it or not, very soon, every detailed cashless transaction in China would appear instantly in CCB computer screen with a touch of a few key strokes.
@@dgcu-t96 Nop. They instantly have the DCEP in their digital pocket. They can use them wherever it is supported (for now very few). But sure they will have to go online to deposit them to their bank account, just like banknotes. (Well that's how it's designed, as far as I know) Maybe internet is not need, but GSM yes ? Need to be confirmed.
From my understanding there is a tiered security system. Two wallets can transact small quantities of money between each other without an internet connection right away. Once one of the two goes online, the transaction syncs back up online. Bigger transactions would need to be verified online (and users need to pass stricter KYC requirements too, btw, not just a phone number)
@@TechAltarThat makes sense. The news articles I read definitely didn't cover this part. And I think the offline mode is yet to be deployed. BTW I really like your objective and informative content, with clear explanation and nice visual presentation. Carry on mate!
@@andrewlim7751 yes but it's unified not like alipay or wechat meaning we can transfer money from one app to another, so the need of digital currency becomes useless, well not completely useless but atleast not in wallet like payments
Thanks for watching. *I will advice you trade into crypto with my manager Harry at 🇺🇸FINRA investment institute and earn huge like I do, he's currently handling my portfolio earning €103500profits investing €67000. With his strategies and guidance you will achieve alot*
@@samuelflg607 I haven't been there yet thanks to covid and the backlog I had the whole year. I usually go to Beihai or Nanning on weekends since its only like 30 minutes. Which city are you in?
The biggest difference between them is that the digital RMB is backed by a state credit guarantee, while AliPay and WeChat Pay are company credit guarantees, but another thing is that the digital RMB is much safer and can be used to transfer money without the need for the internet! Many countries are now trying to launch their own digital currencies
In India, we have UPI. It has ended every digital currency. There was a time when Paytm could have been a threat and a monopoly for payments due to its digital wallet but UPI crushed everyone's dreams. Google launched 'Tez' rebranded to "Google Pay" in India which popularised the concept of UPI. In Google Pay, you just have to scan a code or enter mobile number and, voilllaaa, payment is done with the passcode. Now whatsapp has included this UPI feature in it which will make it very hard for any digital currency to boom.
Not really. but yes both come really close. UPI is only a payment interface, and third party apps use it, so govt can monitor any payments thru it. DCEP is a competitor to third party payment wallets and payment services, for now Tencent, and alibaba can't use it, also UPI is only bank to bank transfer, DCEP is the legal tender itself
Totally different, UPI is a national backed transfer platform. DCEP is national backed currency - M0, which is RMB. The first country in the world implementing this recently. Go study more before showing..
Hello I'm new to bitcoin trade and i have been making few loses, but recently i see a lot of people earning from it , can someone please give me a new strategy or at least tell me what I'm doing wrong?
Most time having knowledge or insight about a particular activity can as well be a pleasing exercise. I can boldly say that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
Is the transaction going to happen in Dcep or in CNY just using DCEP platform? In India there is a UPI framework, that has basically enabled every mobile user to use digital payments without Any private e wallet. If the DCEP linked account is still going to hold CNY then it’s not really different
our UPI is a interface supported by government. Others can use it but can't control it. But in alipay or WeChat pay govt has no role in payment. It's like you store your money on alipay account like we have in paytm account. The infrastructure is of the private company. That's the major difference.
@@himanshuranjan7200 Dude, it's not SUPPORTED but regulated... and is completely based on open standard and is peer to peer. NPCI in its self is a not for profit private consortium just regulated by GOI through RBI.
sort of, there's no virtual currency in UPI, it's just an online payment interface for you to be able to use your real physical money stored in banks to make payments instead of needing to withdraw it. In this case the Chinese government has created a digital currency which is 1:1 exchangeable to the physical currency (at least right now) and have made a payment interface for that.
@@thelakeman2538 there's no "virtual currency" in UPI , but doesn't it function exactly the same way? Even in the case of the Chinese virtual currency. The money is linked to a bank account. The only difference i see is that the Chinese have made it legal tender. Therefore all should accept payments through that unlike UPI in which merchants can choose to accept payments through it or not.
@@pranay_prince not right now but it has more implications in the future as the virtual currency is more like a centralised bitcoin than a normal physical currency like the rupee. Making the international exchange of such a currency rather easy since it still uses a modified blockchain. I think this article by BBC explains the implications rather well- www.bbc.com/news/business-54261382 tldr it could be used by China to potentially break the US domination of global financial sector if used correctly (as mentioned in the video too).
The Nebula / CuriosityStream bundle is no longer active. Instead, you can sign up for Nebula directly with my discount now for about $2.5 a month with a yearly plan, which includes Nebula Originals AND the whole Nebula Classes platform, too, including my own class. Sign up here: go.nebula.tv/techaltar
Best way for China to steal their people’s money.
By the way put a caption for mute and deaf viewer 🤦🏻♂️
@@LateNightSummerRain , that’s Chinese for “I’m so stupid.”
I agree with almost everything he says except "atrocious human rights record of the Chinese government... or having an opinion that the government doesn't agree with" - he needs to study Chinese history thoroughly to understand why Chinese people comprises 1/6 of humanity... Population growth can only occur in times of peace and property... He may be digitally literate but he is history illiterate...
⁰
I follow a lot of tech channels but somehow Techaltar always manages to cover super interesting topics that no other channel covers.
True
I know right
indeed and that allows him to go at his own pace
Ever heard of yt channel named 'Technical Guruji'?
@@nimittpatel9236 yeah
Famous for embargo
I used to be a reporter who covered Central Bank Digital Currency and you did a great job explaining it here, glad it’s getting the exposure it deserves!
Glad to hear I didn't mess it up then! 😅
@@TechAltar you definitely didn’t! Also glad to see you criticise SWIFT, they’re so outdated and engage in many questionable practices and it’s insane that our banking system relies on them so much yet nobody knows what they are. Also I hold a personal grudge because I once spent 2 hours on the phone trying to get a quote from them 😢
@@TechAltar if you want to know more about CBDCs I’d recommend having a look at the eKrona in Sweden, their research into the economic impacts is very extensive considering how small the country is, and they were one of the pioneers in thinking about CBDCs
Thanks, I'll look it up if I have a bit more time!
That's awesome man. Anything in particular you suggest reading?
The amount of time we spend believing we can't is more than enough time to learn how you can.
- my Brain
That's truth
option trading is the future Investment, investing in it will be the wisest thing to do
Am new to trading and my presumption is that I'll be needing an expert to guild me through the process of trading . But am a bit curious about get one.
Trading has a newbie is quite stressful and discourage. I have watch alot of UA-cam videos trying to trade on my own but end up blowing my account
Who's this professional Expert Lucy Griffin everyone talking about
Let me just say, when you upload a video, I usually stop whatever I am doing and watches it. I LOVE your content so so much! And I am very sure that I am not the only one who does it.
Same. I usually turn on DND and put the video quality to highest.
You're not
Can confirm, stopped to make out with my gf as soon as I saw Martin uploaded a new video.
@@douginorlando6260 either way it's still in the hands of a few. Pick your poison.
suggest compare 1930s Nazi Germany Vs 2020s Communist China in your next video
Meanwhile my country is releasing new bills to replace older ones, gotta love that third world
I remember a story in my country about some old granny money got eaten by termites which she had saved for 50 years lol
@@wilkinlow lmao don't remember me that. All of my savings are in those older bills but they will soon become obsolete so I'll have to change them at the bank.
May I ask which country you are from?
Sounds like USA
same dude , fcking backwards shitt
The reasons of China government had the talk with Jack Ma and halted the Ant IPO: 1. Jack Ma was trying to issue ABS through the Ant Group, the same financial product brought 2008 financial crisis. And he could have done it with Alipay, which could create celestial level of risky asset. 2. He was asking the government to loose the regulation on the internet corps' new financial product.
got a source?
@@fauxhound5061 www.reuters.com/article/ant-group-abs-shhex-1125-idCNKBS28509U
zhuanlan.zhihu.com/p/307914864
Not much materials in English though, I can only find some partially summarized articles in Chinese. The Ant Group has already issued 3 ABS, which have created around 1:100 leverage ratio since 2017. That is, 3.8 billion RMB to more than 300 billion RMB. And Jack Ma wanted more. In China, people say Jack "become the dragon he once wanted to slay".
@@alwang31 It would've been like the 2008 financial crisis all over again somewhere down the road had the CCP not stepped in.
@@theOverseasJin Also a conduit for black money.
Capital must not control the government.
State-owned Enterprises or Enterprise-owned States, take your pick.
Every state is controlled by it's ruling class. So state-owned sounds pretty good in a society where the common people hold power, like in China.
Get rid of swift is a good thing. Which is centralised in US.
Yeah but decentralization isn’t exactly good
@@nehcooahnait7827they're just centralizing to their own country lol.
The world is changing
I feel in the force
@@astartes8621 exactly. Let each country control their own currency. Why should Swift aka US control and use it to spy on others?
@@astartes8621 Yeah, which is miles better than a hostile power like the US controlling every other country. Let every country control itself.
2:58 I don't understand how merchants can simply refuse to accept cash. Isn't cash also a legal tender in every country?
If they can do that, then they can also refuse to accept DCEP, can't they?
You are right, they should in theory not be allows to refuse it, but the government hasn't cracked down on the practice hard offline so far, plus it's a little harder to monitor every last dumpling stand across the country, especially when they can just say "sorry, I don't have any change right now. Do you have Alipay?"
The thought is that enforcement online should be easier as there are fewer merchants and its easier to track what payment methods they do or don't accept
People are already refusing cash. Even in the west. It's like when you get a Uber and you have to pay through the app. The app's gateway basically forces users to use only those approved options. When there is no cash option, you are forced not to use cash. Ie: you can't just order a Uber and then pay the driver directly with cash.
It's the same here in China. Except imagine not just limited to ubers or e-commerce. Imagine like going to a small street food truck type shop, and they ask you to pay them using their QR code.
You are probably already using a system like this, which cash is refused but you aren't aware of it. Like my town's public bus system would only accept exact change in coins. Or you could go get a prepaid card from the station. Bus drivers would refuse to give back change. Or use any other payment methods
Simple, because cash has alot of counterfeits. Nowadays nobody uses cash there, if some shady dude shows up to buy with a stack of cash. You will think somethings is up. Counterfeits in china are very hard to tell the real from fakes.
Another reason is laziness, collect cash and you will need to travel to bank it in. No other place likes using cash so why accept it in the first place?
@@bumbiedumb counterfit digital currency also exists with credit card theft to cryptocurrency back to another card
@@TechAltar Wouldn't use of a system like UPI be more useful for stated objectives rather than creating a new currency?
How could a govt force citizens to use it's digital currency instead of mobile apps which offers Cashback and other exciting offers?
Things are going in right direction in some manners at least especially ending the reliance on US dollar and SWIFT
@Vitamin protein Digital Yuan uses blockchain. So two users can even make transaction without internet connections. Which can't be done on paytm.
I really like the direction you're taking this series, more like mini documentaries. Keep up the good work!
*Poor mindset immediately sees a surplus as an opportunity for consumption.* *Rich mindset seeks to spend their time,* *Resources,* *And energy on work that continues to pay off long after the effort has been invested.*.
That's true.
Anyone who is not investing now is missing a tremendous opportunity.
Yes. It's better to take risk and make sacrifices than to remain poor or settle for less..
investlng in financial_market is what all rich people do. This is not a living but to grow our portfolio.
I have got to understand now that. A lot of Americans don't even think about investlng little of there money and then grow there portfolio instead they wait for NFP every first Friday of every month hoping there are more employment. You guys are getting it all wrong. Start investlng.
tech is sucha prevalent factor in China's lifestyle, like they use their phones to replace so many things (e.g. wallets, bus passes, etc.)
Not a good thing for old people unfortunately
@@underhorse5367 The regular one, like bus pass, still works.
This is also a trend in the west. People will inevitably choose convince over old technologies. Furthermore it is more secure to carry a digital wallet which does everything than a real wallet which can be lost or stolen.
@@underhorse5367 LOL, the adaptability of Chinese old people even surprised me
@@underhorse5367 but young is the future.
Very well researched, I greatly appreciate the effort! Super interesting topic
Glad you liked it!
This was the most interesting “China Insider” topic I have come across so far.
Best pronunciation of “yuan” I heard from a foreigner to China. 👍
he knows mandarin
China effectively booted out the middlemen in order to be the middleman. I have always wanted to understand how this whole crypto trading thing works and all but I haven't just figured it out yet.
All you have to do is conduct some research and hire an expert trader because many people make a lot of money trading crypto, Nft, stocks, and other financial markets. Trading cryptocurrency was how I made my first million dollars.
Without prior knowledge, trading on your own can be dangerous; you could lose all of your money. I urge that you seek expert help because you will not be concerned about losing money and will learn more as a result.
@@rebeccaings2845 I'm certain I'll require the assistance of an exp ert. Is there anyone that can give me a solid recommendation that I can lookup
@@ej372 George Wesley Oliver, is a qualified broker, a very reliable portfolio manager, and an Expert Trader. He has made a lot of money for me and I have successfully withdrawn money from my account, therefore he is really trustworthy and genuine.
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Here in the Nordics paper currency is rarely used. I don't even remember the last time I used any.
Additionally, the government can and does scan everyone's bank accounts, and they'll quickly send you a tax bill or cut benefits if you receive money from someone. China doesn't sound that much different in practice.
That's insightful
There's a huge difference. The biggest one is that China doesn't do things for the benefit of its citizens it does it for the best of the party leadership. Good tools in the hands of the corrupt leads to terrible results.
WTF how are there not protests against this?!?
@@lordkekz4 because they implement it very well and their citizen is well educated too unlike ur country
@@lordkekz4 As I understand it, the Nordic countries are transparent about who earns what, and pays what income tax, so in that context it probably makes perfect sense.
This is kinda like the UPI(Unified Payment Interface) system we've got in India, well UPI is not a digital currency, but just a payment method, linking our bank accounts with a virtual payment address, opened with third party apps like GooglePay, JioPay, SBI Yoni, etc
It's actually pretty convenient using UPI with QR codes for payments.
UPI was started by NCPI(National Payments Corporation of India) which is owned by banks and those third party participants, along with the Reserve Bank of India, so I guess the data is being collected by the govt. here too....
saw the thumbnail and TOTALLY thought it was a Polymatter video
🤣
PolyMatter does do a lot of videos about China's economy...
@@InventorZahran it does one ok china every 3-5 vids just to take a steaming shit on it
cut short, all gov want to control their citizen. Cut down paper currency also cut down corruption in a good way, all transaction traceable
Lol. You want to go back to gold/silver? If you want BTC to be successful it must first be non-volatile. There is too much volatility in crypto to be used as currencies.
Even if all transaction are traceable, All major corruptions happens through transactions with electronic payment So I don't think there is ever end to corruption even you can have all transaction traceable Because there is always a loophole to get things around
Governments are the biggest corruption industries...
By any chance, are you Chinese?
@@rishabh_gupta That's high level corruption. The low level corruption that citizens have to face day to day is mostly done in cash.
I live in China. The major flaw to mobile payment is that it relies on you having battery. Which is not always the case at 2 AM after a night out. That's why I still use my contactless debit card in the UK even though I predominately use QR codes in China. I also carry a transport card now as backup in case my phone battery dies.
Technically, you could have contactless cards in crypto as well.
You don't need batteries in the future. You will be the battery, if Matrix is right. :)
In the future you could always use facial recognition payments as a backup
The Scamdemic is being used here to condition the population to using QR codes all day, every day. They’ve implemented compulsory QR check in for every business. We’re being prepped for the Chinese system.
@@deanswift9132 to condition ppl to get used to contactless, this is as clear as day but youll get called a conspiracy theorist for pointing this out.
Really great to start see this channel differentiate itself from all the others, with the broader motivations surrounding new tech.
I don't understand why we are still talking about "digital currency" = "cashless" in the comment section. Cashless society is already a reality in China so it's certainly not something the Gov is trying to push rn. "Cashless" means M1 or even M2 goes virtual, but every number in your Alipay is still corresponding to a paper bill in the bank, which means whenever you do a purchase, both your digital wallet /card and the seller need to inform the bank to change the owner of that certain amount of paper bills lying in the safe of that bank. Whereas "digital currency" is the paper bill itself, it means M0. When you do a purchase, the money just go to the seller's pocket without notifying anyone just like what you do with a real paper bill. Chinese gov is trying to find a way to avoid the potential, financial and international lockdown on China by the US through the swift system.
Basically this is just cash with government tracking. Instead of just alipay / wechat. If anything, most likely the fintech companies will be forced to use the system and now all three will be tracking. It's not like the fintech is going to be able to operate out of the loop anyway
NO, digital currency is a new sovereign currency issued by the country, Alipay/WeChat is a currency payment method, the two are completely different
Was ich an deinem Kanal schätze: Du machst nur Videos, wenn es wirklich spannend ist. DANKE für deine tollen Video!
Freut mich, dass dir die Videos gefallen!
Background music seemed very loud and distracting in this episode. Otherwise excellent content as usual.
It gave a good effect though
Seconded! Don’t get me wrong, the video is great but lower volume of BGM would just enhance the experience.
Kudos!
i agree! it makes me stop watching the video. i've tried to watch it 3 times and had to stop midway cuz i cant stand the music
@@Kai_Squared 😄❄😉
Government vs Private company
Government has a political incentive to maintain social stability through responsible financial policies.
Private companies cares only about profit, and if they're too big to fail, they can do pretty much whatever they want.
Yes but government's dont always have that political incentive.
@@alexturlais8558 that's true for democratic countries with duopoly on power. like the US.
you and Rene Ritchie were only youtube tech channels I used to subscribe notifications from, now it's just you. hopefully your content will stay as good as it has been for the past several years.
If a citizen goes against their gov't they can take all of it away. Quite scary.
Which the government around the global can and have been doing for decade.
The US in perticular can do this to a citizen of another country, in another country.
@@thomashirtz The government controls the banks, all your money are in the banks. Unless you use cash only. Even that, the government can claim the notes you hold illegal.
banks already can freeze your money for no reason under "laundering" suspicions. government can already take money out of your bank account automatically. you want to take out money from banks? you will be charged a lot if it meets small monthly threshold. you're tied already to it
@@thomashirtz ever heard of the central bank? The government controlled bank that issue all the notes?
@@dduay
They can already do that as long as it’s under Chinese jurisdiction/in yuan
you put so much effort in a single video. 👏👏
Glad you are seeing it :)
You might be one of the only people who gave fantastic information about this. Just gave straight facts and a fantastic background story regarding the system unlike so many other channels. Also your work was unbiased as well so well done
Great video as always. Just a point, please reduce the volume of ur background music while you talk coz that's obtrusive.
In India, every street vendor and shop have QR code placed at the counter. Almost everyone with a smart phone and mobile data pays with their phone.
TBH I'm impressed that a government is capable of making an app that works. Our government in the US can't create anything that functions
Nah. If you go back to China in 2013, not just apps developed by the government, even mobile apps of the biggest commercial banks suck, in comparison with all other apps at the time.
“Both are quite dystopian”
.
Yeah pretty much... it’s feeling more and more hopeless
2040: Ehm yeah can I just directly pay with my soul I'm out of Bitcoin
2059: You will be ruled by super AI.
Yeah, but the Chinese government already spies on you. And they do say they can improve the economy instead of these private companies who will just look for their profit! 🤔
@@feisaljauharitufail -Sybil system-
It's getting boring, but fuck me, Orwell was so right
We westerners just don't understand what China is doing. We westerners just don't understand that economies, countries fight each other. It's not about being democratic and being vocal and happy about it. It is about how good you can be on the play field of the globe, where resources are indeed finite, gains can only happen to one side when the others are loosing and the rules are not set at all. Anything, any strategy is welcome. Win the global war for finite resources, win the global war of creating a society that is capable of living through ages, eons. Win the war for getting your culture stay alive, win the war to secure your place on earth for the coming few thousand years. That is the game they are playing. We seem to be puppets in that game for the last decades or so.
If you can win this war, great. If you can keep your citizens (your people) more or less happy at the same time, congratulations, you did a great job.
And we westerners are whining about "distopian", "orwellian". Ehh.
Would be good to see results on "individual happiness level" of people in West vs China.
There are many westerns that understand exactly what this means.
It's like we live in a civilized world but when you peek under the wallpaper, the walls are made from bones.
So basically the episode from black mirror called "nosedive" can happen irl pretty soon huh.
It already exists in Suzhou in China.
There already is a point system that literally wont let you use public transportation if you dont visit you parents enough. That country is mental
@@OasisMilo hold up is this for real ?
@@wastinglifeonyoutube Not that extreme but yes they use ai and if you loose too many points you will get publicly humiliated and lose social privileges.
Already here with china's social credit system
Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world” - Henry Kissinger
I don't know why I don't get ads on your videos ever. But I'll take it. Very good and informative video.
i just love your ability to segue to a sponsor segment without making it awkward or obvious at all.keep doing what you do man.if i am a fan of someone on youtube,it is definitely you.
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music is a bit too loud imo
It really is, especially noticeable if watched in a faster speed
This was scary, it seemed like some episode of Black Mirror.
小熊维尼 inherent value? yes, it is worthless. but, it is backed by one of the strongest powers in the world. it's still widely accepted as a payment option.
@小熊维尼 That comment was just about US Dollars, not anything else. I didn't say anything about China in that comment.
@小熊维尼 I have no worries about that digital money. Also, that system makes perfect sense for CCP.
You already in one.
@@proCaylak hahaha come on, tell the guy he’s a wumao, that’s what you westerners always do. Btw, we Chinese love CCP, call me shill I couldn’t care less
One thing that deserves mention, with a digital yuan, you practically wipe out most of the money laundering in short order. That's got to be a good thing right?
Yep, you also wipe out briberies, drug dealers and shadow banking. It's a great thing and a game changer for an economy
Lol no. Someone will find a way to do all of this in no time. I'd give it a couple years at most before hackers figure out how to rig this system. All this is going to do is make criminals more tech-savvy
Nah what you're going to end up seeing is people finding a way to store digital currency on flash drives where it can then be exchanged without any online tracing
@@Gameprojordan that's not how the CBDC works
DCEP looks more like India's UPI. There are lot of similarity... There are only cosmetic changes in DCEP.
Investment is very good and necessary
I trade my bitcoin and other crypto currencies with a broker and make lots of profit that's my investment
Because of the market fluctuating price, Investing in online trading now will be the wisest thing to do especially that it's very profitable
Online trading is really profitable as an investment
I know its wise to invest in bitcoin but as the price is rising its likely to fall, so I am afraid of investing
Trading experts are not easy to find
Background music’s too loud.
No
You're killing the *Bald and Bearded* look!
Tracking identities could also be a great way to fight corruption. Maybe you should mention that too.
Us and EU has visa and MasterCard
India has UPI
China has digital currency.
Major contries have their own ways of payment processing
I think you mean UnionPay to MasterCard. Digital currency is a totally new thing.
I wonder what effects the DCEP will have on tourism, if the DCEP becomes the standard form of payment to the point of making businesses stop accepting cash (as a lot of shops have in Sweden). Very interesting topic and great video!
Mastercard/Visa can enter China's market now so they would probably fill this void for exchanging currencies at instant
Cash is still legal tender in China and shops must accept. However enforcement is difficult as they will have to track complaints and then take action.
This was very good, maybe one of your best works!
Superb insight Marton! Am I missing something? Watched it on Nebula (don't tell YT!) - no Likes or Comments available there - is that right?
Wait... his name is Marton?
@@auliamate yes.
A very interesting and informative video. Also as a Bahamain, I knew that the number of countries launching digital currencies was small, but I didn't realize it was THAT small lol.
Chinese people are the boldest avant-garde. They dare to try all new things. They seldom argue about something, but they think of it and put it into action immediately.
It's always risking to let everything controlled by gov economically, although still better than private giants.
Agree, US is on the private side too much, look how Twitter and Facebook could decide "whose mouth should be shut".
@@tedhansolo bad, but 1000 better then chinese social apps
@@Lmao-ke9lq Next time try 10000 better lol
@@Lmao-ke9lq prefer Chinese apps over US apps any day. US = arm of US spy network.
@@tedhansolo exactly.
Imagine a tech company shutting up a sitting President. So now tech company that owned by Mark Zuckerberg could decide who could speak and who couldn't. Hypocrite west.
**** Do a video on UPI. ****
Its great system!
Soon even how we use the washroom will even be monitored 😞
soon？or already？🥲
@@JL-ug4fs Already I guess. You can see something in your dream and the next morning you'll wake up to adds ☹️
@@JL-ug4fs where did you saw that a washroom was being monitored. Dont be a foolish
How can you even benefit from monitoring someone’s excretion. I get that privacy will be lost but not in that way.
monitoring washroom might be outlandish if it isn't for blackmail. but I see your point and I can agree.
The best one yet! Great content man.
My country also do this, Indonesian government make some regulations regarding digital payment app mostly local companies like dana, ovo & gopay. I once help my family member set their account and they need to take a selfie, a photo of ID card (isued by Civil registration for every citizens), phone number (every mobile phone number require registration with ID number too).
So this regulations pretty much normal here, everyone with OVO, DANA or Gopay account do same thing. Their justification is to prevent fraud because it's working like bank account, people just transfer their balance from normal bank to this app for convenience.
We want a video on India 's UPI and impact it had.
Yeah, but what can I buy from India? any Indian product recommendation?
CCP will now become one of those tech giants. Does the Chinese public have to say goodbye to WeChat?
I don’t think so,the digital yuan is like the real paper money , it’s just digital ,
Not necessarily, at least I'm used to WeChat and Alipay and not planning to use the digital currency anytime soon. Personally I believe this is one more step closer to monitoring corruption and money laundry, but of course, the privacy invasion is inevitable which I agree half/half
Not really, wechat pay and alipay acts like a bank not a money creator. You'll probably be able to spend your digital Yuan with Wechat
Your channel is informative and unbiased. Immediately subscribed after watching this video.
What coin are you investing on
I interpreted "72nd edition" as "70 second edition" 😅 I was so disappointed until I checked the video duration! Thanks for these in-depth videos about the coolest things that most other youtubers never seem to cover!
India almost all digital transaction are done with the currency from bank account to account with the UPI technology, where users mobile no are linked with the bank. Digital wallet companies couldn't complete with UPI and adopted UPI.
Totally different, UPI is a national backed transfer platform. DCEP is national backed currency - M0, which is RMB. The first country in the world implementing this recently
Yeah, but what can I buy from India? any Indian product recommendation?
can you cover UPI?
Yeah, but what can I buy from India? any Indian product recommendation?
@Vega Twice better read the news, blind?
What caught my attention is Vietnam ranks third in mobile payment, hope someone will do content on this topic.
It's not surprising. Notice that it says mobile payment, not cashless.
Generally, credit cards have good penetration in developed/first world countries. The natural evolution of this type of payment is contactless/NFC-based wallets like Google Pay and ApplePay.
Developing countries skip this altogether and move on to QR-code/mobile based payment.
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Great video. Very well researched and incredible video editing!
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Digital currencies are great but they definitely need to be decentralized and blockchain based. A government having tight control over all payment transactions like in China is very creepy and probably the wet dream of all authoritarians.
I can feel the presence of the 50cent army just by reading the title...
50cent army is largely imaginary. Many "50 cent" are overseas Chinese who have seen both sides.
But ofc, you can believe what I said, or not. Up to you.
@@tk9060 well i mean they are ignorant yet they do not accept facts, they really do love their fake news and they probably believe in conspiracies lmao
@@Yddp3307 Fake news exists on both sides
@@Yddp3307 haha, you are the real ignorant one, believed the white helmet organization, and the tank man.
This will literally be a dystopia for everyone living in China, we are already angry from corporations knowing so much about us, but imagine how dangerous that could be in the hands of a dystopian authoritarian regime, I'm sure this will never go wrong...
Digital currencies wouldn't be a problem for the citizens if the government had a functioning judiciary system and not strict policies
unfortunately i have to object, a currency is one of the most powerful tools an economy has when it comes to foreign trade. Not having an own currency can be a major drawback (i.e. Italy/Greece never being able to get out of their recessions after 2008) and since China's economy relies so much on foreign trade, the fear of people just stop using the "real" currency is understandable. If noone in China uses the Yuan then noone will be willing to accept the Yuan internationally thus basically transforming the Yuan into glorified toilet paper. So the plan to prevent this by coming up with a e-Yuan is a smart idea. At least economically
@@BETA-Welle Idk what you are objecting, since this does not relate to anything I said.
@@BETA-Welle you totally missed the point. Also what you said is not necessarily true. That's not how national currencies work. Renminbi is not like the Euro. China has direct control over their monetary policy unlike Spain or Greece. Even in a hypothetical situation where Renminbi becomes totally replaced by toilet paper currency, the government of China still collects taxes and debts in Renminbi. And being a trillion dollar sized economy with trillion dollar sized government projects. The demand for the renminbi is not going to dissappear just because the common currency changed to something else.
Renminbi being accepted internationally or not has never been a problem. FYI, the renminbi was never allowed to trade freely outside of China. In fact, Chinese businesses used to and still do trade in USD, even way before it's opening if it's economy.
Its something as basic as buying something on aliexpress. The seller expects renminbi, but the US buyer pays in US currency. The buyer does not pay renminbi directly. Inversely if a Chinese buys from US, the US business expects USD. Renminbi being accepted or not makes no difference. As long as there is trade into China, there will always be demand for renminbi. Simply because the Chinese government isn't suddenly going to change an accept payments in any other currency, so basically even if the aliexpress seller makes a ton of USD, they will still demand RMB to change into to pay for their own cost
We will see if it works or not. The Chinese dont just do random things.
@@OmgEinfachNurOmg sorry, i msread your comment, i thought you said that china itself would be fine if it just stuck the Yuan but had a robust judiciary system.
@C Y Of course the demand for Yuan wouldn't decrease to flat 0 but it would probably still be enough to have a big influence on the Yuan's exchange rate and thus have a huge impact on the Chinese economy. And since the economy is the best argument the Chinese government has for itself it would not be wise of them to just hope that not too many people switch to bitcoin or any other non-chinese alternative and thus risk a corner stone of the Chinese authorities legitimacy.
Impressed by the amount of research done on this topic!
When China Central Bank finally done with no more printing paper currency , everyone will have to switch to digital currency like it or not, very soon, every detailed cashless transaction in China would appear instantly in CCB computer screen with a touch of a few key strokes.
So digital voice that can understand beginners too...
Speaking mandarin was the key of having such a well put report I reckon. Thank you for all this information.
He speaks Mandarin?
Tecnically all currency is digital since they are mostly numbers in a computer
Not all. I have physical Bank Notes here. And if there were no phones or computers I could go and buy stuff with it. Hence it isn't digital
1. The DCEP is by design usable offline, just like another banknote.
2. The DCEP is by design able to track transactions.
How can both work together ?
I think merchants have to go online to claim their new banknotes from customers.
@@dgcu-t96 Nop. They instantly have the DCEP in their digital pocket. They can use them wherever it is supported (for now very few).
But sure they will have to go online to deposit them to their bank account, just like banknotes.
(Well that's how it's designed, as far as I know)
Maybe internet is not need, but GSM yes ? Need to be confirmed.
From my understanding there is a tiered security system. Two wallets can transact small quantities of money between each other without an internet connection right away. Once one of the two goes online, the transaction syncs back up online. Bigger transactions would need to be verified online (and users need to pass stricter KYC requirements too, btw, not just a phone number)
@@TechAltarThat makes sense. The news articles I read definitely didn't cover this part. And I think the offline mode is yet to be deployed.
BTW I really like your objective and informative content, with clear explanation and nice visual presentation. Carry on mate!
This channel has great content. Very well researched and analyzed. Seems like other techies are only doing computer and smartphone reviews.
Please do a video on India's UPI which I think is similar to this .
Yeah, but what can I buy from India? any Indian product recommendation?
UPI is not a digital currency, it's a payment method just alipay and WeChat.
@@yingzhengchin4100 lot of choices are there
@@andrewlim7751 yes but it's unified not like alipay or wechat meaning we can transfer money from one app to another, so the need of digital currency becomes useless, well not completely useless but atleast not in wallet like payments
@@shubhambaranwal7613
You need learn more about digital currency.
Make a video on UPI Payment (used in India)
Yeah, but what can I buy from India? any Indian product recommendation?
First The Story Behind video in a while that's actually good. Please drop the annoying background music, it adds nothing
Thanks for watching.
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very good and thorough education video
Glad you enjoyed it!
it's so cool to see your production quality come so far from clipping your mic to your beard hair, keep making the good stuff
India have UPI
please make a video of it
it's awesome
@@5189808 haha, right. but what can I buy from India? Any Indian product recommendation?
Can we get a video on UPI (Unified Payment Interface) system of India?
well, unfortunately Indian money is not strong enough
@@yingzhengchin4100 If you read my question, they I asked about a technology.
@@itsmayank-08 then what technology do you have in India? better product quality?
@@yingzhengchin4100 Mate, you've commented this on literally every single comment on UPI on here.
What's bothering you so much about us Indians?
@@yingzhengchin4100 We have democracy. We don't run Tanks over children. Haha
So exited about the digital yuan. Sadly it hasn't made it to my city yet😭
where are you from`?
Left Wuhan in 2019 and I'm in Qinzhou. Guangxi province
@@shimeih2287 thanks for answering, do you spend some weekends in Hainan?
@@samuelflg607 I haven't been there yet thanks to covid and the backlog I had the whole year. I usually go to Beihai or Nanning on weekends since its only like 30 minutes. Which city are you in?
@@shimeih2287 I am from Heidelberg, Germany.
Nice to hear, these do also look pretty.
The biggest difference between them is that the digital RMB is backed by a state credit guarantee, while AliPay and WeChat Pay are company credit guarantees, but another thing is that the digital RMB is much safer and can be used to transfer money without the need for the internet! Many countries are now trying to launch their own digital currencies
In India, we have UPI. It has ended every digital currency. There was a time when Paytm could have been a threat and a monopoly for payments due to its digital wallet but UPI crushed everyone's dreams.
Google launched 'Tez' rebranded to "Google Pay" in India which popularised the concept of UPI. In Google Pay, you just have to scan a code or enter mobile number and, voilllaaa, payment is done with the passcode.
Now whatsapp has included this UPI feature in it which will make it very hard for any digital currency to boom.
Kinda sorta like India's UPI payments! Only difference India started it around 3 years ago!
Not really. but yes both come really close.
UPI is only a payment interface, and third party apps use it, so govt can monitor any payments thru it.
DCEP is a competitor to third party payment wallets and payment services, for now Tencent, and alibaba can't use it,
also UPI is only bank to bank transfer, DCEP is the legal tender itself
Yea yeah, India better. Superpower 2020
UPI is a way to send money ,not money . It is true that it can transfer money with/without internet
Totally different, UPI is a national backed transfer platform. DCEP is national backed currency - M0, which is RMB. The first country in the world implementing this recently. Go study more before showing..
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Please make a video on India's upi
Excellent work with this. Hope it gets out to a lot of eyes. Well done.
Is the transaction going to happen in Dcep or in CNY just using DCEP platform? In India there is a UPI framework, that has basically enabled every mobile user to use digital payments without Any private e wallet. If the DCEP linked account is still going to hold CNY then it’s not really different
Yeah, but what can I buy from India? any Indian product recommendation?
Hey, can you please tone down the bgm a little? It's intrusive, otherwise a great video. Really fascinating.
This looks just like UPI payment interface that India has rolled out 4 years back.
our UPI is a interface supported by government. Others can use it but can't control it. But in alipay or WeChat pay govt has no role in payment. It's like you store your money on alipay account like we have in paytm account. The infrastructure is of the private company. That's the major difference.
@@himanshuranjan7200 Dude, it's not SUPPORTED but regulated... and is completely based on open standard and is peer to peer. NPCI in its self is a not for profit private consortium just regulated by GOI through RBI.
@@AarshParashar yeah regulated word it better... But it's all under the umbrella of govt. Isn't it?
@@himanshuranjan7200 NPCI is a not for profit private consortium! RBI just happens to be a part of it.
@@himanshuranjan7200 en.wikipedia.org/wiki/National_Payments_Corporation_of_India
Isn't this similar to the United Payments Interface in India?
I came to comments just say that 😂
sort of, there's no virtual currency in UPI, it's just an online payment interface for you to be able to use your real physical money stored in banks to make payments instead of needing to withdraw it. In this case the Chinese government has created a digital currency which is 1:1 exchangeable to the physical currency (at least right now) and have made a payment interface for that.
@@thelakeman2538 there's no "virtual currency" in UPI , but doesn't it function exactly the same way?
Even in the case of the Chinese virtual currency. The money is linked to a bank account.
The only difference i see is that the Chinese have made it legal tender. Therefore all should accept payments through that unlike UPI in which merchants can choose to accept payments through it or not.
@@pranay_prince not right now but it has more implications in the future as the virtual currency is more like a centralised bitcoin than a normal physical currency like the rupee. Making the international exchange of such a currency rather easy since it still uses a modified blockchain. I think this article by BBC explains the implications rather well- www.bbc.com/news/business-54261382
tldr it could be used by China to potentially break the US domination of global financial sector if used correctly (as mentioned in the video too).
So where to trade YCC? And what about BTY? Is the latter a private project?