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Beijing Ready to Roll Out Digital Yuan

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 3, 2020 5:00 AM 2 min read
Editorial

Beijing ready to roll out digital yuan.

 

TECH

Beijing ready to roll out digital yuan.

All Ears: In a move that could disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates, after being in the works for more than five years, the second largest economy in the world - China - is set to roll out the digital Yuan as early as 2020.

 

Tell Me More: As per sources, the digital Yuan will be “tokenized” money fully backed by the central bank of China. It will be a private blockchain, a peer-to-peer network for sharing information and validating transactions, with the People’s Bank of China in control of who gets to participate. The currency will be supplied via the banking system and replace some part of physical cash. More on this here.

 

Co-Existence: Rise of Artificial Intelligence (AI) is touted to kill jobs - primarily those which are repetitive in nature, say for instance the work done in a warehouse. However, in a rather surprising turn of events, the very same warehouse workers once predicted to be losing their jobs because of the onslaught of AI are now working with robots. 

 

E-retail giant Amazon now has more than 200,000 robotic vehicles it calls “drives” that are moving goods through its delivery-fulfillment centers around the US as it is increasingly pushing its warehouse employees to get used to working with robots. Its rivals have also taken notice, and many are adding their own robots in a race to speed up productivity and bring down costs. A win-win for all? AP

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