{"id":6133,"date":"2021-02-17T14:05:19","date_gmt":"2021-02-17T14:05:19","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6133"},"modified":"2021-02-23T14:32:18","modified_gmt":"2021-02-23T14:32:18","slug":"going-cashless","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/02\/17\/going-cashless\/","title":{"rendered":"Going cashless"},"content":{"rendered":"

How China\u2019s digital payments technology will take over the world.<\/p>\n

Our guest on the latest New Money Review<\/em> podcast<\/a> is Rich Turrin, a US citizen based for a decade in Shanghai, China, where he has had a bird\u2019s eye view of the incredible changes taking place in money and payments.<\/p>\n

\u201cI\u2019ve lived first-hand through China\u2019s experience of going cashless,\u201d Turrin says in the podcast.<\/p>\n

\"\"<\/p>\n

Rich Turrin<\/em><\/p>\n

\u201cIt\u2019s changed from a place where I needed to have a large wad of 100 renminbi notes in my pocket, to a place where I don\u2019t need any cash.\u201d<\/p>\n

\u201cThe West is now copying China, rather than the other way round\u201d<\/p><\/blockquote>\n

\u201cThese changes are coming to you soon,\u201d Turrin goes on, \u201cas we all enter the new world of central bank digital currencies (CBDCs).\u201d<\/p>\n

And it\u2019s China that\u2019s setting the global pace when it comes to the confluence of finance, technology and social media.<\/p>\n

\u201cMost people think that China is a great place, but it copies,\u201d Turrin says in the podcast.<\/p>\n

\u201cMany have not made the transition to understanding that China is a tremendously innovative country. On the digital front, the West is now copying China, rather than the other way round. TikTok is probably the best example.\u201d<\/p>\n

\u201cThis is a tidal wave, ready to hit the financial system\u201d<\/p><\/blockquote>\n

Turrin, a mathematician by training, is a former banker who became a fintech expert at IBM and then a consultant and author.<\/p>\n

In the podcast, he tells New Money Review<\/em> editor Paul Amery about his forthcoming book, \u201cCashless: China’s Digital Currency Revolution\u201d.<\/p>\n

He goes on to describe China\u2019s new CBDC, which is in its pilot stage<\/a>, as a \u2018tsunami\u2019.<\/p>\n

\u201cThis is a tidal wave, ready to hit the financial system,\u201d he says.<\/p>\n

\u201cAll of this trade is going to go off the SWIFT payments system. It will not be controlled by the banks. It will be immediate. This is a major break in how we use digital money. I don\u2019t think many in the West are sufficiently aware that this tsunami is coming.\u201d<\/p>\n

Listen in<\/a> to hear more about:<\/p>\n