It was only a matter of time before a country decided to hop on the virtual bandwagon. China has recently started real-world trials of their digital yuan — a digital currency intended to replace a portion of existing cash in circulation.
What are the benefits of a national digital currency?
- Producing and storing cash & coin is incredibly expensive.
- While there will be some anonymity, analysis tools will be used to detect and mitigate illegal payments.
- It will level the playing field, by creating more opportunities in an arena presently dominated by a select few private companies.
We’re sure there are huge opportunities here for partnerships across payments providers, banks, and more.
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