Chinese city now accepts CBDC payments for bus rides

[Wexnident]

I'm pretty sure they initially had a test phase of a certain area where they were using CBDC already though? It was like a year or a year and a half ago iirc? Not surprised that they're trying to support it's usage throughout the city now, I reckon we'd see a slow increase in general-purpose transactions that adopt CBDC payments, it's basically the same system across all boards after all so just a bit of tinkering would be needed once something jumpstarts it, in this case, the pilot phase of what I was talking about earlier and then this.

Well, it is China though, so I don't think they'd have issues with more control governed by the government. It'd be interesting to see if other countries would adopt the idea though since, well, digital payments for almost everything IS something that should be considered, being tracked for everything you do isn't though, so they can probably remove that if needed.

[imamusma]

Well, it is China though, so I don't think they'd have issues with more control governed by the government. It'd be interesting to see if other countries would adopt the idea though since, well, digital payments for almost everything IS something that should be considered, being tracked for everything you do isn't though, so they can probably remove that if needed.

If CBDC is successfully adopted and has high appeal from the public, then of course other countries will follow suit to adopt it. I've got my country in on a structured plan to introduce CBDCs as well, but I'm not sure how much time and effort it will take to get people to adopt the payment system.

If the government plays a role in the use cases of a currency, then the probability of it being used as an everyday means of payment can be higher than when they don't support it. But CBDC isn't the answer anyone who no longer believes in a centralized system is looking for, it's like digital fiat that is equally controlled. After all, CBDCs are not investment assets because their value is pegged to the currency of the issuing country, but maybe there will be uses for those who agree with the idea.

[ringgo96]

China is one of the countries that always presents a variety of the latest technology, but we are not surprised if currently the country has implemented CBDC on all its bus routes, and they continue to develop digital currencies to be used for their purposes, and I believe it will be a big threat to the dollar if later every transaction makes payments using digital currencies, And they already have a digital yuan and will always be relied on to do business.

[Silberman]

Well, it is China though, so I don't think they'd have issues with more control governed by the government. It'd be interesting to see if other countries would adopt the idea though since, well, digital payments for almost everything IS something that should be considered, being tracked for everything you do isn't though, so they can probably remove that if needed.

If CBDC is successfully adopted and has high appeal from the public, then of course other countries will follow suit to adopt it. I've got my country in on a structured plan to introduce CBDCs as well, but I'm not sure how much time and effort it will take to get people to adopt the payment system.

If the government plays a role in the use cases of a currency, then the probability of it being used as an everyday means of payment can be higher than when they don't support it. But CBDC isn't the answer anyone who no longer believes in a centralized system is looking for, it's like digital fiat that is equally controlled. After all, CBDCs are not investment assets because their value is pegged to the currency of the issuing country, but maybe there will be uses for those who agree with the idea.

CBDCs will have a problem gaining adoption, after all for the people like us which know very well what is going then it is obvious we are going to avoid those currencies, while the rest of the population which may not be interested in investing in bitcoin will not be interested in those coins anyway, as it is not like they have a lack of options when it comes to using their fiat in electronic form, so I doubt CBDCs will become as popular as governments want.

[dezoel]

This has been long anticipated, and now they have started implementing it, and they are not only doing it within their own country, but they are also going cross-border and involving other countries to make use of them as well, this is one of the farthest steps countries are taking to make their people use digital currencies created by themselves instead of using cryptocurrencies since that wouldn't give them any access to their financial activities.

However, no matter how hard they try, I don't think they can trick the people for abandoning cryptocurrencies and only using digital currencies controlled by the authorities, they will give incentives, discounts and everything to lure people in but it wouldn't work in the long run.

[Uruhara]

China is one of the countries that always presents a variety of the latest technology, but we are not surprised if currently the country has implemented CBDC on all its bus routes, and they continue to develop digital currencies to be used for their purposes, and I believe it will be a big threat to the dollar if later every transaction makes payments using digital currencies, And they already have a digital yuan and will always be relied on to do business.

China is indeed a country that always moves very quickly when it comes to economic development. Included in the digitization of their currency is the Digital Yuan (CBDC). which they were one of the earliest countries to pilot CBDC and implement it in their own society. and another good thing is that the people there also welcome it with quite high enthusiasm. China's move can indeed strengthen the dominance of their own currency in the future.

[Hamza2424]

CBDC's vs Bitcoin is also a long-timed debating topic but you can't really gain anything out of it. Better accept the reality, the idea seems to be good but if you consider the recommendations of the analysts it is not really in the favor of the CBDC. No doubt China is the next evolving superpower but as we have seen a downfall already I don't think so we can risk everything again on the hope of just CBDC's.

[hannahB4]

It is nice seeing some countries advancing to the stage of them creating a digital currency for the country and not only that but also encouraging it to be spent as a legal tender among the people, as least if some countries can take this up it might help in economic development and growth.

[BenCodie]

CBDC is nothing but a digital version of fiat currency owned and controlled by the government.

Exactly.

It's no surprise that the development is happening. China will of course be first in making the technology work, then the multi billion dollar infrastructure will be provided to other countries who think that they "need" it. Once a country has the system working in a stable way, you can expect that same company to start requesting its citizens to redeem cash for CBDCs before cash is abolished for that country.

It'd be great to have a CBDC board, or somewhere to discuss these developments. Economics is probably suited currently, though it'd be much more interesting to watch CBDC development in isolation.

[Silberman]

This has been long anticipated, and now they have started implementing it, and they are not only doing it within their own country, but they are also going cross-border and involving other countries to make use of them as well, this is one of the farthest steps countries are taking to make their people use digital currencies created by themselves instead of using cryptocurrencies since that wouldn't give them any access to their financial activities.

However, no matter how hard they try, I don't think they can trick the people for abandoning cryptocurrencies and only using digital currencies controlled by the authorities, they will give incentives, discounts and everything to lure people in but it wouldn't work in the long run.

What happens is that governments are still operating under the premise they can deceive and coerce their citizens to do what they want, and if there is something history show us is that governments can have some control over their citizens, but if things go out control, especially the economy, then that control evaporates, fiat currencies are a failed experiment and it is just a matter of time before they collapse, and once they do people will never forget it thanks to the internet and social media, and at that time people will reject CBDCs regardless of any incentive or threat governments could make.

[Synchronice]

It's relatively easier for China to implement whatever plans the state has because of the kind of government they have. Resistance is very minimal and it could easily be addressed. Critics and other opponents of the measure could be silenced effortlessly.

While this digital currency is obviously an attack against privacy and freedom, to a people who are already deprived of it to a certain extent, nothing anymore matters.

I would expect more resistance in the US and certain parts of the EU, such as Germany, which is a very cash-intensive country. I expect implementation to be much slower, due to inefficient administrations, and adoption much slower as well.

Thanks to Covid (yeah, it had its pros at least), Germany become slightly better. You don't have to sign every time you receive parcel and you can pay with card in many places. The real problem is that while China accepts CBDC payments for bus rides, in Germany you have to pay with cash in the bus or in the best case, you buy a monthly ticket that includes buses too and you have to show your ticket to the driver.
I really hope that Germany won't go hyper progressive in terms of digital technologies and won't adopt CBDCs.

Are you forgetting that this is about China? People in a country where communists are in power are not asked if they want something or not, and anyone who thinks otherwise is an enemy of the state. A country that censors the internet and has the most oversight of people through massive surveillance methods certainly has no problem with something as simple as CBDC.

Besides, they've been testing it for years on tens of millions of people in different provinces, I've never heard anyone complain about it.

And still, there are people who wish that Russia and China succeeds and there will be communism all over the world. What a strange world we live in.

[DrBeer]

CBDC is nothing but a digital version of fiat currency owned and controlled by the government.

Exactly.

It's no surprise that the development is happening. China will of course be first in making the technology work, then the multi billion dollar infrastructure will be provided to other countries who think that they "need" it. Once a country has the system working in a stable way, you can expect that same company to start requesting its citizens to redeem cash for CBDCs before cash is abolished for that country.

It'd be great to have a CBDC board, or somewhere to discuss these developments. Economics is probably suited currently, though it'd be much more interesting to watch CBDC development in isolation.

Having said that, one must realize that CBDC is TOTAL CONTROL for the owner of that currency. And if you can put cash in a cellophane bag and hide it somewhere, so that the state will not take it away from you, the state will LOCK the digital currency in two clicks!
CBDC is an evil created by blockchain technology and cryptotechnology. It turned out as always - they invented steel and knives to cut a juicy steak in the kitchen, and they started using them to kill each other.... So it is with CBDC - a good technology that was adopted by the state and became a tool for total control and management. CBDC is definitely your money that's not yours at all.)

[DrBeer]

....
Thanks to Covid (yeah, it had its pros at least), Germany become slightly better. You don't have to sign every time you receive parcel and you can pay with card in many places. The real problem is that while China accepts CBDC payments for bus rides, in Germany you have to pay with cash in the bus or in the best case, you buy a monthly ticket that includes buses too and you have to show your ticket to the driver.
I really hope that Germany won't go hyper progressive in terms of digital technologies and won't adopt CBDCs.
....

Sorry to hear from people who had to flee Ukraine in 2022, from the terrorist war unleashed by russia against us. And a lot of people went to Germany. Germany has always been considered the "economic engine of the EU", a country with high social standards. But as it turned out, in terms of ordinary household technology, Ukraine is more comfortable
One story how to get a bank card in Germany and the duration of transfer from card to card - for residents of Ukraine sounds like a "terrible tale". To get a bank card in Ukriana - about 15 minutes, if you do it in the branch. You can just at the cash desk of almost any retail chain, buy a basic card and immediately activate it. In addition, you can just download an application and create a virtual, full-fledged card - 5 minutes of business! About transactions from card to card or account-card, in our country, if the money has not "arrived" in a minute - it is already a wild discomfort. Fare payment in public transportation - no money ! On a choice: 
- single travel card (works in the subway, trolleybuses, streetcars, city and intercity trains,...)
- social bank card (pensioners and other social groups)
- almost any bank card. Why "almost any" - some people still have ordinary cards without NFC, but 90+% of them are with contactless payment system...
- mobile application of almost any bank.
Also pay for utilities and all public services on digital portals of public services....

[sana54210]

What happens is that governments are still operating under the premise they can deceive and coerce their citizens to do what they want, and if there is something history show us is that governments can have some control over their citizens, but if things go out control, especially the economy, then that control evaporates, fiat currencies are a failed experiment and it is just a matter of time before they collapse, and once they do people will never forget it thanks to the internet and social media, and at that time people will reject CBDCs regardless of any incentive or threat governments could make.

Well, that is quite true though, governments CAN deceive and coerce their own citizens, even manipulate them to do whatever they want. This isn't really a shocking turn of events, I believe that it could continue to be like this for a long time. I am guessing that the best thing to do in this case would be making sure that you are doing a better job at it, and for that to happen you need to realize you can't check the media, because if you check the media in EVERY channel there are lies.

Some believe the ones they believe and think the other side is lying, that's not true, every single one of them lies, not even a single one of them tells the truth. This is why we believe that it is not going to be easy and will have some hard time for sure.

[slapper]

This has been long anticipated, and now they have started implementing it, and they are not only doing it within their own country, but they are also going cross-border and involving other countries to make use of them as well, this is one of the farthest steps countries are taking to make their people use digital currencies created by themselves instead of using cryptocurrencies since that wouldn't give them any access to their financial activities.

However, no matter how hard they try, I don't think they can trick the people for abandoning cryptocurrencies and only using digital currencies controlled by the authorities, they will give incentives, discounts and everything to lure people in but it wouldn't work in the long run.

What happens is that governments are still operating under the premise they can deceive and coerce their citizens to do what they want, and if there is something history show us is that governments can have some control over their citizens, but if things go out control, especially the economy, then that control evaporates, fiat currencies are a failed experiment and it is just a matter of time before they collapse, and once they do people will never forget it thanks to the internet and social media, and at that time people will reject CBDCs regardless of any incentive or threat governments could make.

Isn't it fascinating how we regard governments as almighty puppet lords manipulating our actions? They have some control, but do governments rule like Orwellian dystopias? That's an intriguing drama slice, no? Fiat currencies. They've had challenges, but calling them a failed experiment is premature. The system's faith won't go quickly. Your dystopia intrigues me. The internet is as manipulable as fiat money, therefore social media might collapse and enlighten society. Digital landscapes include false narratives, misinformation, and hacks. I wonder if CBDCs are about currency evolution, not threats or incentives. Is our method wrong? Social advancement, not government control?

[coupable]

Well, it is China though, so I don't think they'd have issues with more control governed by the government. It'd be interesting to see if other countries would adopt the idea though since, well, digital payments for almost everything IS something that should be considered, being tracked for everything you do isn't though, so they can probably remove that if needed.

If CBDC is successfully adopted and has high appeal from the public, then of course other countries will follow suit to adopt it. I've got my country in on a structured plan to introduce CBDCs as well, but I'm not sure how much time and effort it will take to get people to adopt the payment system.

Many countries had already started working on creating their own digital currency, such as Britain, which began working on establishing its own CBDC even before China, which apparently succeeded in the launch process. Some economically allied countries are considering at the same time creating a digital currency to facilitate exchange between them and in a challenge movement to the US dollar, which controls trade exchanges around the world.
It is not surprising that China took the initiative to experiment and launch its CBDC currency, because it was throughout history the first to activate advanced payment methods. Let us not forget that China is the first country in history to create paper currencies to facilitate exchanges, and it is also the first to establish advanced payment systems such as Wechat. It is not surprising that other countries around the world follow it, especially countries that have trade exchanges and strong economic relations with them.

[BenCodie]

CBDC is nothing but a digital version of fiat currency owned and controlled by the government.

Exactly.

It's no surprise that the development is happening. China will of course be first in making the technology work, then the multi billion dollar infrastructure will be provided to other countries who think that they "need" it. Once a country has the system working in a stable way, you can expect that same company to start requesting its citizens to redeem cash for CBDCs before cash is abolished for that country.

It'd be great to have a CBDC board, or somewhere to discuss these developments. Economics is probably suited currently, though it'd be much more interesting to watch CBDC development in isolation.

Having said that, one must realize that CBDC is TOTAL CONTROL for the owner of that currency. And if you can put cash in a cellophane bag and hide it somewhere, so that the state will not take it away from you, the state will LOCK the digital currency in two clicks!
CBDC is an evil created by blockchain technology and cryptotechnology. It turned out as always - they invented steel and knives to cut a juicy steak in the kitchen, and they started using them to kill each other.... So it is with CBDC - a good technology that was adopted by the state and became a tool for total control and management. CBDC is definitely your money that's not yours at all.)

You're exactly right, which is why I put "need it" in quotes on my original post. Countries will either be sold, deceived, or will willingly adopt CBDCs not only to enable ridiculously and dangerously easy monetary policy, but like you said, to also control and manage the currency and the people who use it. It will be embraced until people begin to report that their life savings are locked, pending investigation. These investigatuons might start off fair until they get unfair toward innocent people. Then there is the situation of automatically deducting fines, and punishing for bad social interactions, etc. It's straight from an episode of Black Mirror!

[Smartvirus]

Yes, they started implementing this nonsense in China.

China is basically a centralized authoritarian country and CBDC will increase the centralization of the government terribly, which will be a huge burden on the citizens because all their transactions will be under the direct control of the government.

I don’t know of a time when the government haven’t been head of affairs and having CBDC doesn’t make no difference from what has been. It’s all the same package, just providing more options for them to pick from in a bid to divert the attention of its citizens from the cryptocurrency advent and I wonder how has that being going so well for them.

CBDC is still the typical fiat, just a digital fiat and that’s what it would ever be. So, those who know better would always sort better alternatives based on their desires else, they stay stocked in the same old centralized systems. It’s just options and choice:

[stomachgrowls]

Yes, they started implementing this nonsense in China.

China is basically a centralized authoritarian country and CBDC will increase the centralization of the government terribly, which will be a huge burden on the citizens because all their transactions will be under the direct control of the government.

I don’t know of a time when the government haven’t been head of affairs and having CBDC doesn’t make no difference from what has been. It’s all the same package, just providing more options for them to pick from in a bid to divert the attention of its citizens from the cryptocurrency advent and I wonder how has that being going so well for them.

CBDC is still the typical fiat, just a digital fiat and that’s what it would ever be. So, those who know better would always sort better alternatives based on their desires else, they stay stocked in the same old centralized systems. It’s just options and choice:

CBDC = FIAT

There's no difference in between these things on which it would really be not shocking that government would really be recognizing CBDC's rather than on touching up those decentralized cryptocurrencies on which it is really that understandable that they would really be sharing up with the same impressions towards it which it would really be that negative.This is why these kind or type of news about acceptance of something centralized
or been created by them isnt really that something interesting but instead getting annoyed on why they have done such thing if fiat would be enough?

We do have cashless payments already using up those card on using up in bus, trains or other similar transport. Yes, it does bring out convenience but it would be great too if they
would really be adding up some options too.

[SirLancelot]

China is one of the countries that always presents a variety of the latest technology, but we are not surprised if currently the country has implemented CBDC on all its bus routes, and they continue to develop digital currencies to be used for their purposes, and I believe it will be a big threat to the dollar if later every transaction makes payments using digital currencies, And they already have a digital yuan and will always be relied on to do business.

I don't think that it is a step they've taken to give competition to the USD, but CBDCs are basically created to compete with Bitcoin or cryptocurrencies because they are decentralized digital currencies and countries know that they won't be able to have complete access to these currencies if they are used by the masses, so they are preparing and implementing things that will prevent most people from using cryptocurrencies and use CBDCs.

A lot of people will use them because they don't have an option and those people are the ones who have always been in support of the traditional financial system they don't believe in Bitcoin or blockchain revolutions and they think fiat and banks are the ones that we need forever.