By Tom Phillips[1] • • Updated • nfcw.com[2]
The Wall Street Journal has posted a video[3] report showing Chinese consumers in the city of Chengdu using the country’s central bank digital currency (CBDC) to make in-store NFC and QR code payments from a digital yuan wallet on their mobile phone.
The report also goes on to explain how the People’s Bank of China is to keep a central database that will enable the central bank to track every transaction made using the digital currency and monitor patterns of expenditure and financial activity.
“It’s a trade-off between convenience and being monitored,” Huang Dan, a recipient of digital yuan in Chengdu’s recent ‘red envelope’ lottery, says in the report.
“If I get used to spending money in this convenient way, it’s really hard to turn around.”
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