🎙 77 - China's Digital Currency Revolution | Richard Turrin
🎙 77 - China's Digital Currency Revolution | Richard Turrin
Exploring CBDCs and China's Innovation in FinTech
Don’t buy lottery tickets, learn about dropping your savings off at the POOL! 🌴🌞🏊♂️
Richard Turrin is the best selling author of Innovation Lab Excellence, and recently published his new book Cashless: China's Digital Currency Revolution. This new release covers the story and context of China’s new Central Bank Digital Currency (CBDC) and the innovation happening in that space.
In this episode, Richard walks us through the efforts China has made to innovate within its fintech platforms, and how it poses a long-term threat to US Dollar dominance. With smart contracts on the way, what does the world look like with a maximally successful Chinese CBDC? Listen in and find out.
🚀 In this episode's exclusive debrief, we dive into all the questions we didn't have time to ask and explore how big of a challenge CBDCs pose to crypto.
🎙️ NEW PODCAST EPISODE
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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This episode was a complete fail. The promise was that we would finally get expert-level detail on China’s CBDC implementation. Turrin seemed completely unequipped to get into any level of technical detail regarding the difference between the Wechat/Alipay layers and the CBDC layer; his answer is a vague, hand-waving mess. He says something about the CBDC layer actually having the digital representation of money resident in memory on your phone, but what does this mean? Is this “representation” a private key, with a distributed ledger? Is the ledger even distributed or in the form of a blockchain, or is it just a centralized database? None of these basic questions are even asked.