RE: The Evolution of e-CNY!
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Advantages of e-CNY
-Customer can use e-CNY through a single app for multiple use cases such as the e-commerce or any services rather than using multiple apps for various uses with extended security.
-A digital yuan can effectively reduce or eliminate fee-based transactions for users.
-A digitally tracking transactions, the PBOC can more effectively control the frauds and scammers.
-Crime detection and prevention can be maintained more easily by monitoring transactions can help to prevent counterfeiting or the illegal flow of funds, such as terrorist financing or money laundering.
-More accurate data collection will pave the way to improve the economy as per requirements by analyzing the data.
Disadvantages of e-CNY
-The major benefit of being anonymity is compromised here as the govt. can tract the transactions effectively.
Dear my friend @tanzil2024 !
Thank you for infor about e-CNY!
China seems to be trying to make the yuan an international currency like the dollar!
However, I guessed that e-CNY would be difficult to become an international digital currency in China, which does not guarantee anonymity of personal information!
From my point of view, Perhaps Hassan will not buy e-CNY!
Indeed, they are trying and CNY is becoming stronger recently after the dip in the last couple of months. Also, CNY has the lowest inflation compared to most countries worldwide. They are trying to make it a widely accepted currency as they are lagging behind several currencies being the 2nd largest economy in the world.
Sure, I will not buy e-CNY as I have no need to buy it, but I will consider it if it allows international payment in the future. And for anonymity, I don't have any issue as I will not spend or get money from any illegal party of any relation with such illicit people, so this is not an issue for me for any digital currency from China, USA, or India. I like the fastest payment with zero fees everywhere as the banking systems have so many taxes and charges and also too many rules and regulations! Like in Bangladesh you can't pay more than $300 from your card to any international payment gateway except for some emergencies like air tickets and health-related costs but you need to get the allowance previously by contacting the bank. And so many charges with the higher rate. I don't like such systems!
Dear Hassan!
Unlike you, I don't live abroad!
So, I don't know much about the international payment method of cryptocurrency.
There is very few way with cryoto for international payment! Only a few may be possible🤔