Wednesday, August 14, 2019

China government is introducing digital currency

China has a successful cashless payment system involving e-wallets operated by AliPay and WeChat Pay. Still, the regulatory authority is rolling out their digital currency.

Singapore needs to learn from China about the strategy behind their move towards a digital currency. We need to use digital currency to replace paper currency and improve our payment system and reduce the cost of going business.

If China needs finds a need to introduce digital currency, surely the need is greater in Singapore, due to the heavy reliance on cash payments.

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