Some of the wallets are made adorable, for example, a panda keychain or Tamagotchi alike. When the existing overseas hardware wallets look mysterious, complicated, and geeky, Chinese makers, mostly state-owned commercial banks, differentiate themselves vastly by offering wallets that don't necessarily incorporate any modern design at all. It was not until this Chinese New Year that a wild bunch of DECP-compatible physical wallets came into being for China's only legal digital currency. There are all types of cryptocurrency hardware wallet manufacturers today who provide devices in various sizes and styles. The master plan is that the earlier these wallets can get to the market, the better chance the DCEP gains even greater momentum and expand beyond the country's borders via foreign visitors to the Winter Olympics.Īfter China rolled out the pilot test of its sovereign digital currency, or Digital Currency Electronic Payment (DCEP) last April, commercial banks have continuously come up with new design ideas for hardware wallets to be used with the new "Digital Yuan".Ī hardware wallet is a high-security physical device that enables users to store cryptocurrency funds offline, in the form of cryptographic alphanumerical strings. Hardware crypto wallets in the shape of a copper coin, a walking cane, and a pair of gloves are shooting up like bamboo during the Chinese New Year, enabling early adopters to make crypto transactions physically and completely offline. Hardware Wallets for China's Digital Yuan Sprung up During Spring Festival research intern in the Energy, Economics, and Security Program at the Center for a New American Security (CNAS).Hardware Wallets for China's Digital Yuan Sprung up During Spring Festival - PingWest English 中文Ĭlose Digital currency Digital Yuan E-Wallet Hardware Wallet Cryptocurrencies
In turn, the United States could lead the development of a set of international norms on CBDCs and protections of personal privacy to lessen the impact of a globally used eCNY.įrancis Shin is a master’s student in International Affairs at the Graduate Institute of International and Development Studies in Geneva. In 2020 he served as the Joseph S. This could include highlighting the impact of the eCNY’s data collection capabilities eCNY on personal privacy with the U.S. The United States must therefore coordinate with allies to formulate a multilateral response to the eCNY rollout and the leverage China wields with its outbound tourism. allies accept the usage of the eCNY by outbound Chinese tourism. Such strategic friction will only increase if more U.S. If the eCNY manages to challenge the dominance of the USD in global transactions in the medium-term, it could be another arena in U.S.-China strategic competition as the dollar’s relative decline would erode U.S. As a result, Chinese tourists can pay in renminbi while their money is transferred to foreign accounts in the local currency.īy ensuring that Chinese tourists’ overseas payments reach the foreign vendor, eCNY’s presence in the retail sector could increase the use of the renminbi in cross-border transactions. Yet, these subsidiaries are not directly linked to payment provider accounts in China, instead of using existing correspondent banking relationships to bridge foreign payment systems and China-based Alipay or WeChat payment networks. Accordingly, if a Chinese payment provider offers a more efficient payment method, foreign vendors will have a strong incentive to adopt a payment infrastructure compatible with it.Ĭurrently, there are already joint ventures in several Asian countries between existing Chinese payment providers, like Ant Financial (Alipay) and Tencent (WeChat pay), and local subsidiaries.
Outbound Chinese tourism is especially economically significant in Southeast Asia. In Thailand, tourism comprised 10 percent of its 2019 GDP, with the Philippines topping it at a staggering 12 percent of its 2019 GDP. As Chinese tourists comprised at least 20 percent of the tourism population of several Southeast Asian countries, their spending is an important income source for foreign vendors. In 2019, the population of outbound Chinese tourists peaked at 170 million, with the most popular destinations being Thailand, Japan, and Korea ( 10 million, 8.14 million, and 5.51 million respectively). In the same year, Chinese tourism grew significantly in Europe.
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