your bank and savings accounts stored and managed in your own body

Your bank and savings accounts stored and managed in your own body.

A rather unnoticed but major breakthrough launch this week in China for the global monetary future. The People’s Bank of China has initiated a pilot program this week to test the issue of central-bank digital Yuan (RMB) in four cities: Shenzhen, Suzhou, Chengdu, and Xiong’an. Franchisees like McDonald's and Starbucks as well as local businesses such restaurants and gyms in the selected regions are involved in the program. Local government workers will receive a portion of their salaries in the new digital currency by phone app.

Many Chinese people (as well as people anywhere) have already got used to cashless payments and blockchain by phone or face recognition. However such transactions have always relied on traditional cash backups or decentralized ecosystems. The new digital yuan is the actual currency, backed by the central bank, not only a digital driver of traditional currencies.

Don’t be surprised if the phone is only a temporary tool now for your actual bank account and savings, face recognition, finger prints or body-incorporated high-tech innovations will soon replace the phone, making your body your own bank.

A game changer with challenges and impacts on worldwide economic, business and social models.

#digitalcurrency #china #chinesesociety #blockchain #digitalpayment