shanghai

“Cashless” Rich Turrin, DigFin VOX, Ep 12

Richard Turrin is a consultant and author based in Shanghai. He began his career on investment banking trading floors. From 2013 to 2016 he worked at IBM’s artificial unit, Watson, where he was in charge of its Asia-Pacific fintech operations. His latest book is “Cashless: China’s Digital Currency Revolution”. He joins DigFin’s Jame DiBiasio to talk about the key themes of the book, including the nature and design of central-bank digital currencies (CBDCs), their uses, and their development in the context of China’s fintech story. Perhaps most pointedly, Turrin identifies

How Will China’s DCEP Affect WeChat Pay and Alipay?

With the growing interest and adoption of cryptocurrencies, about 80% of central banks worldwide are looking to create their own cryptocurrency. The People’s Bank of China (PBoC) is at the forefront of them all. China’s central bank has been working on its DCEP for about six years now. In 2018, China’s Central Bank former governor Zhou Xiaochua pointed out that it will take nothing less than a decade for its digital yuan to be fully functional. However, several events have propelled this timeline forward. One of which was the proposed

Shanghai’s Jing’an District issues blockchain-based discount coupons

The Jing’an District of Shanghai has started offering blockchain-based discount coupons. Local news outlet Shine reported that the district will issue the coupons using one of WeChat’s mini-programs operated by the Jing’an Culture and Tourism Bureau. WeChat mini-programs are smaller sub-applications built within the WeChat ecosystem to offer several online services like e-commerce, music and video streaming and translation. The tourism bureau has integrated blockchain to their WeChat mini-program to adjust the number of coupons in circulation and the validity period of each of these by analyzing how people are using them. The