by ZH's angle but some interesting facts too. Looks like the pilot is on target and rollout may be soon.There is one final, geopolitical reason behind China's decision to give its digital currency an expiration date [see Silvio Gesell]: as Byrne Hobart writes, "programmable money, tied to real-world identities, and universally tracked by a central bank, starts to look suspiciously like a substitute for the consumer of last resort. Every year that China gets richer, domestic consumption plays a bigger role (exports were 26% of China's GDP in 2010, and 18% last year). If domestic consumption can be tightly controlled, then it's a way to not just increase the volume of consumption but to control the variance of demand for the goods China produces [inflation control]. It's not yet enough to
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There is one final, geopolitical reason behind China's decision to give its digital currency an expiration date [see Silvio Gesell]: as Byrne Hobart writes, "programmable money, tied to real-world identities, and universally tracked by a central bank, starts to look suspiciously like a substitute for the consumer of last resort. Every year that China gets richer, domestic consumption plays a bigger role (exports were 26% of China's GDP in 2010, and 18% last year). If domestic consumption can be tightly controlled, then it's a way to not just increase the volume of consumption but to control the variance of demand for the goods China produces [inflation control]. It's not yet enough to match the size and variability of global demand for China's exports, but every year it gets closer."….
China's Digital Yuan Comes With An Expiration Date