
China’s Central Bank Has Begun Cautiously Testing a Digital Currency - mbgaxyz
https://www.technologyreview.com/s/608088/chinas-central-bank-has-begun-cautiously-testing-a-digital-currency/
======
thaumasiotes
> A digital fiat currency—one backed by the central bank and with the same
> legal status as a banknote—would lower the cost of financial transactions,
> thereby helping to make financial services more widely available. This could
> be especially significant in China, where millions of people still lack
> access to conventional banks. A digital currency should also be cheaper to
> operate, and ought to reduce fraud and counterfeiting.

I don't understand the article's point. Everyone including Chinese banks
already uses digital fiat currency. My bank account is full of digital fiat
currency going under the name "US dollars". They have exactly the same legal
status as banknotes -- in fact, they are so similar that they are considered
to be exactly the same thing.

