| Description |
1 online resource (31 pages) : illustrations, maps |
| Series |
Policy brief (Australian Strategic Policy Institute) ; no. 2020/40
|
| Contents |
What's the problem? -- What's the solution? -- Executive summary. -- 1. Two sides of the digital-coin: freedom and control. -- 2. Drivers of the PRC's digital currency project. -- What problems would DC/EP solve? -- 3. DC/EP and surveillance. -- Centralised control and visibility. -- Using DC/EP to enhance the party-state's control. -- Future extraterritorial implications? -- 4. The party-state econsystem behind DC/EP. -- PBoC leadership and innovation. -- Powerful guidance. -- 5. The role of WeChat Pay and Alipay in DC/EP. -- Co-opting Alipay and WeChat Pay. -- Future adoption. -- 6. DC/SP's potential internationalisation and the global economy. Renminbi internationalisation? -- An alternative to SWIFT? -- Bypassing sanctions? -- Recommendations. -- Notes. -- Acronyms and abbreviations |
| Summary |
China's central bank digital currency, known as 'DC/EP' (Digital Currency / Electronic Payment), is rapidly progressing and, if successful, would have major international implications that have not yet been widely considered by policymakers. It has the potential to create the world's largest centralised repository of financial transactions data and, while it may address some financial governance challenges, such as money laundering, it would also create unprecedented opportunities for surveillance. The initial impact of a successful DC/EP project will be primarily domestic, but little thought has been given to the longer term and global implications. DC/EP intersects with China's ambitions to shape global technological and financial standards, for example, through the promotion of RMB internationalisation and fintech standards-setting along sites of the Belt and Road Initiative (BRI). In the long term, therefore, a successful DC/EP could greatly expand the party-state's ability to monitor and shape economic behaviour well beyond the borders of the People's Republic of China (PRC) |
| Analysis |
Australian |
| Notes |
ISSN: 2209-9689 |
| Bibliography |
Includes bibliographical references |
| Notes |
"Funding for this report was partly provided by Facebook Inc." |
| Subject |
Banks and banking, Central -- China
|
|
Cryptocurrencies -- China
|
|
Digital currency -- Political aspects
|
|
Digital currency -- China
|
|
International economic relations.
|
|
Banks and banking, Central.
|
|
Cryptocurrencies.
|
|
International economic relations.
|
| SUBJECT |
China -- Foreign economic relations
|
| Subject |
China.
|
| Form |
Electronic book
|
| Author |
Garnaut, John, author
|
|
Izenman, Kayla, author
|
|
Johnson, Matthew D., author
|
|
Pascoe, Alexandra, author
|
|
Ryan, Fergus, author
|
|
Thomas, Elsie, author
|
|
Australian Strategic Policy Institute, issuing body.
|
|
