Сhinese experience in creating a digital national currency
Abstract
In late autumn and early winter of 2019, events occurred in China that changed the life of the whole world. December 1, 2019 is considered to be the official start date of the coronavirus pandemic. Soon, the representative of the Central Bank of China, Zhou Xiaochuan, announces the creation of a digital yuan. According to his statement, in 2015, the People's Bank of China began working on the concept of digital currency, work on the introduction of payments in digital currency began in 2019. WeChat Pay and Alipay have been operating in China for more than 5 years, which can be considered as analogues of digital payment systems. As a result, purchases are made via the Internet, payment is transferred via a mobile phone, and the need for cash is reduced. Digital yuan or, in another way, e-CNY works differently: the central bank is an authorized commercial bank client. Due to this, the state gets even more control over the expenses and incomes of the population, as well as control over the economic situation in general.
About the Authors
E. K. Kulaeva
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
Ekaterina K. Kulaeva, Bachelor's Degree in Foreign Regional Studies at the Institute of International Relations
Kazan
A. I. Turaleva
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
Alexandra I. Turaleva, Bachelor's Degree in Foreign Regional Studies at the Institute of International Relations
Kazan
I. K. Kalimonov
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
Ildar K. Kalimonov, Candidate of Historical Sciences, Associate Professor of the Department of Regional Studies and Eurasian Studies
Kazan
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Review
For citations:
Kulaeva E.K., Turaleva A.I., Kalimonov I.K. Сhinese experience in creating a digital national currency. Kazan Bulletin of Young Scientists. 2022;6(4):53-69. (In Russ.)
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