Thread by @MariaShen

China is starting to test the Digital RMB and educate its citizens. 🇨🇳

This video is circulating WeChat: China's digital currency in action w/ the Agricultural Bank of China

The woman takes out 50RMB from her bank card & converts it into China's new digital RMB

While China runs trials of its digital currency, it's also normalizing the currency in media

Here's a video from CCTV 1 (top channel in China) in May, 2020: "What is Central Bank Digital Currency and How Do We Use It?"

Top questions they address in the video w/ paraphrased answers:

1. What's the difference between the digital RMB, Bitcoin, and Libra?

"A central bank issued digital currency is gov't issued. Other digital currencies are not legal tender. The value of the digital RMB is stable."

2. What's the difference between digital RMB, WeChat payment, and Alipay?

"The key difference is you don't need to have a bank account, just a wallet to use the digital RMB."

3. Will digital RMB replace cash?

"Cash will still exist. Digital RMB will replace a portion of cash, but not all of it. Digital RMB and RMB are exchangeable 1:1. You can think of these as the same thing."

China began research on digital currencies in 2014. 6 years later, it's now gearing up for release and carefully educating its citizens.

The digital RMB is here & it's allowing China to publicly say it's anti-crypto while taking parts of it to gain control and efficiency.