123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Education >> View Article

Digital Currency China

Profile Picture
By Author: CA Dr Aman Chugh
Total Articles: 2
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

In this post, we talk about news that, off late, has been doing rounds on social media. It is related to the launch of its own digital currency by China, known as E-Renminbi. Post its launch, it shall be the first digital currency to be operated and used by a major economy. However, here are the myths and facts about the same:-

FACTS:-

1. China has been trying to develop and implement its own digital currency for a few years now. Back in 2018, they intended to launch it, however, it took some time and maybe later this year, it may be launched.
2. The currency system is being researched and developed by the Digital Currency Research Institute, which is part of the People’s Bank of China. Right now, they are in the process of making the system foolproof and debugging it.
3. The new digital currency shall be pegged to their existing currency and will become a sovereign digital currency. It will help decline the cash usage in the economy, in the wake of physical distancing and personal hygiene concerns raised by the Corona Virus pandemic. Many of the government officials in China may start receiving their remuneration via digital currency by May.

MYTHS:-

1. As against the spreading belief, the launch of digital currency by China is not going to have any effect on the US Economy or any other economy. The currency is not going to be pegged against USD, rather pegged to their own currency.
2. The Chinese Currency is being devalued by the Chinese Government on its own. It has nothing to do with the introduction of the e-renminbi. It needs to be clarified that the e-renminbi is pegged to the domestic Chinese currency, hence its introduction cannot mean devaluation in the regular currency.

Total Views: 40Word Count: 294See All articles From Author

Add Comment

Education Articles

1. Data Science Course - 360digitmg
Author: Data Science

2. Python Training In Noida
Author: mapping skills

3. How Schools Are Dealing With Covid-19
Author: Prerna Sharma

4. How Montessori Students Progress Through The Levels Of Mathematics
Author: Daviis Collins

5. Business Analytics Course
Author: Business Analytics

6. Ssc Result Marksheet Download
Author: Tapos

7. You Must Learn Some Skills While College Life
Author: KamalDBGI

8. How Do International Students Choose The Right Education Consultant?
Author: Navneet Singh

9. Cat 2020 Exam Registration
Author: Harita Sama

10. How To Start A Blog In India For Free From Scratch In 2020 [step By Step Detailed Guide]
Author: Trendyavinash

11. Make The Education System Better With Online Leadership Programs
Author: Richard Sharp

12. Trainer Services Of Custom Creative Products
Author: Martine Macduglas

13. Characteristics Of Effective Primary School Leadership Programs
Author: Richard Sharp

14. Top Govt Engineering Colleges In Odisha
Author: Gandhi Engineerimg College

15. Education: Expectation Vs Reality
Author: Abhinav

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: