interesting

twitter.com/i/status/1375271472575492096

What I saw previously was a full example of how the purchase works, and it involved the vender scanning a QR code on the buyers cell phone. This video abbreviated the process, but initially showed her scanning a QR code from a vending machine, but that would be expected.

With bitcoin and related free market cryptos, the buyer would scan a QR code presented by the seller, then authorize the transfer from his/her account. That's how it should be.

If the digital yuan works by the buyer presenting a QR code from the seller, then it means the transfer is authorized at least in part by the seller, not the buyer, and works the same way as a credit card works where you hand over the keys to ones account and they take as much as they think proper. This small difference would mean the digital yuan is centralized and not decentralized like bitcoin is. The guy at the end mentioned blockchain tech, but for a centralized digital currency, no blockchain is needed. Blockchain is only applicable with a decentralized database.

As far as I understand, the digital yuan is centralized which would be what we'd expect from an authoritarian gov like the CCP. It also means it's just digital fiat currency. And this video really doesn't contest that at all, apart from the idle mention of blockchain.

I could by wrong but I'd be surprised if I was.

Dictators love blockchain on digital cash.

Dictators love blockchain on digital cash.

Ergo, expect it here soon.