Digital currency | 数字货币

Today in class we talked about money and how they are transacted.

Two acronyms we introduced are “DC” and “EP”, meaning Digital Currency and Electronic Payment.

An important piece of recent financial news that you might have missed is that the Chinese central bank (央行) has issued its own digital currency, saying that its design is similar to Facebook’s proposed cryptocurrency Libra.

❗Digital currency is a big deal.

It not only affects how people go about their daily lives, but also world politics.

For example, we know that the United States sanctions certain countries by blocking them from the banking system.

❓ But what if these countries and the rest of the world start to use digital currency as the world currency instead of relying on the US dollar?

That would be really bad for the US, unless we become the leader in this space and catch up where we have fallen behind.

ChineseCentralBankDigitalCurrenyDesgin

For the young, it is time to learn how DC and EP work.  

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