Post by account_disabled on Dec 27, 2023 7:00:30 GMT
Digital-Yuan-03 SCB looks at “Digital Yuan” is the most important financial innovation. After the emergence of the COVID-19 virus, it is recommended that Thai businesses should keep an eye on long-term trends. The flexibility of the digital yuan will push the yuan to become more international. Manop Saengiambutr, Deputy General Manager An executive of the China Business Department of Siam Commercial Bank said that the announcement of the start of The “digital yuan” is probably the most important financial innovation after the epidemic. The digital yuan is not a new currency. But it is part of the regular Yuan. This increases the efficiency of monetary policy implementation. As well as helping to suppress corruption. In the long term, it may reinforce the internationalization of the yuan. Moreover, the digital yuan has opposite properties and objectives. Cryptocurrency is completely legal, and the Chinese government has shown no signs of changing its stance on promoting its use. cryptocurrency in any way When considering the effect on the business sector It is expected that Chinese commercial banks will be the most affected group. Because it appears that the Chinese central bank designed this digital currency to reduce the role of commercial banks in acting as a forwarder for the price mechanism. In addition, demand for some services, such as custodian business and various electronic wallet businesses, may decrease.
The People's Bank of China (PBOC) has been studying ways to issue a digital yuan since 2014. Partly to prevent epidemics through banknotes. Even though China is an almost entirely cashless society, But behind all electronic wallets There are still parts that are paper banknotes, such as storing banknotes at commercial banks. As for the digital yuan, it will not have any steps with paper banknotes. In the next phase when the digital yuan is widely used. The Chinese central bank should be able to implement monetary policy in a more flexible and targeted manner. This is due to its centralization feature that WhatsApp Number List allows tracking the status of money holders. The central bank may directly set or adjust interest rates at different levels for each group of money holders. without having to go through the mechanisms of commercial banks This allows the central bank to more directly manage liquidity in each economic sector. In addition, other benefits of digital money, including lower costs of producing money More effective protection against fraud and money laundering or even paying subsidies in times of crisis that can be done in a more direct way, etc. “The digital yuan is different from an electronic wallet. This is because the digital yuan will be stored directly on citizens' mobile phones. Spending is done through the NFC system, which means touching mobile phones together. Therefore, it provides higher data privacy for the general public. Because spending information.
is stored together at the central bank. Not distributed among private companies “And what needs to be watched from now on in the business sector is when the digital yuan is widely used. Retail businesses may be more easily tracked for tax payments.” Manop Saengiambutr Currently, the People's Bank of China is going to trial the digital yuan, officially called Digital Currency/Electronic Payment (DCEP), in four cities: Shenzhen, Suzhou, Chengdu and the new urban areas. Song An in the city of Suzhou Since May The government will pay half of civil servants' travel expenses in digital yuan. As for the digital yuan trial in Song'an City, The trial will focus on retail and catering businesses such as supermarkets and fitness centers, with major multinational companies such as Starbucks, McDonald's and Subway joining in this trial project. From the point of view of Siam Commercial Bank Something to really keep an eye on is the city of Xiong'an, which is south of Beijing. Because the Chinese government will push for it to be a smart city of the future. As for e-wallets such as Apple Pay, AliPay and WeChat, the Chinese government has made it clear that they must be able to support the use of the digital yuan. This is likely to be an important factor that causes its use to spread so quickly. Manop also said that The concept of the digital yuan is in contrast to cryptocurrencies such as bitcoin or stable coins such as Libra, and by implication they are also deterrents. cryptocurrency.
The People's Bank of China (PBOC) has been studying ways to issue a digital yuan since 2014. Partly to prevent epidemics through banknotes. Even though China is an almost entirely cashless society, But behind all electronic wallets There are still parts that are paper banknotes, such as storing banknotes at commercial banks. As for the digital yuan, it will not have any steps with paper banknotes. In the next phase when the digital yuan is widely used. The Chinese central bank should be able to implement monetary policy in a more flexible and targeted manner. This is due to its centralization feature that WhatsApp Number List allows tracking the status of money holders. The central bank may directly set or adjust interest rates at different levels for each group of money holders. without having to go through the mechanisms of commercial banks This allows the central bank to more directly manage liquidity in each economic sector. In addition, other benefits of digital money, including lower costs of producing money More effective protection against fraud and money laundering or even paying subsidies in times of crisis that can be done in a more direct way, etc. “The digital yuan is different from an electronic wallet. This is because the digital yuan will be stored directly on citizens' mobile phones. Spending is done through the NFC system, which means touching mobile phones together. Therefore, it provides higher data privacy for the general public. Because spending information.
is stored together at the central bank. Not distributed among private companies “And what needs to be watched from now on in the business sector is when the digital yuan is widely used. Retail businesses may be more easily tracked for tax payments.” Manop Saengiambutr Currently, the People's Bank of China is going to trial the digital yuan, officially called Digital Currency/Electronic Payment (DCEP), in four cities: Shenzhen, Suzhou, Chengdu and the new urban areas. Song An in the city of Suzhou Since May The government will pay half of civil servants' travel expenses in digital yuan. As for the digital yuan trial in Song'an City, The trial will focus on retail and catering businesses such as supermarkets and fitness centers, with major multinational companies such as Starbucks, McDonald's and Subway joining in this trial project. From the point of view of Siam Commercial Bank Something to really keep an eye on is the city of Xiong'an, which is south of Beijing. Because the Chinese government will push for it to be a smart city of the future. As for e-wallets such as Apple Pay, AliPay and WeChat, the Chinese government has made it clear that they must be able to support the use of the digital yuan. This is likely to be an important factor that causes its use to spread so quickly. Manop also said that The concept of the digital yuan is in contrast to cryptocurrencies such as bitcoin or stable coins such as Libra, and by implication they are also deterrents. cryptocurrency.