China’s authorities thought about entering the so-called shelf life for digital yuan. About it reports The Wall Street Journal.
As the edition notes, it will help the People’s Bank of China, if necessary, “turn off” electronic money after a certain date to force citizens to part with money and more actively spend in the benefit of the economy.
In February, Beijing announced an experiment, within the framework of which citizens will pay for a temporary refusal of traditional money in favor of digital yuan. It will take part about 50 thousand people, they will be allocated for 200 yuan (31 dollars). In total, citizens will receive ten million yuan (1.5 million dollars).
China’s People’s Bank is one of several world regulators developing their own digital currency. The central banks of Sweden, France, Russia and several other countries are engaged in this. The digital currency is expected to be similar in its functionality with non-cash money, but formally will be a third type of payment product in addition to existing cash and non-cash money.
In the US, it is believed that the digital yuan is threatened. In the presidential administration, Joe Bayiden fear that he can give a impetus “a long-term attempt to overthrow the dollar from the place of dominant world reserve currency.”