Summary: The world is becoming more digital in a multitude of ways—one of the most prevalent being with money transactions. I sit down and speak with best selling author Richard Turrin about what some of these changes look like, and why this is a game changer for the big economies—starting with China. Tune in for more, and visit the links below to access Richard Turrin’s main website and book. Highlights: -Everyone seems to be getting into crypto -There are very few cash transactions taking place in China -Are digital currencies going to completely replace cash/standard currency? -China is a cashless society in the big cities -China is launching the world’s first central bank digital currency (CBDC) for a major economy -A CBDC is not a cryptocurrency; it is a digital representation of paper money -These transactions are free -This also gets rid of the middle man—no credit processing needs to be done -central digital currencies can be built on blockchain, but blockchain usually can’t sustain them in a large economy -Central bank digital currency is issued by the central banks -Stable coins are a cryptocurrency and they are a special kind of cryptocurrency that is tied to the value of the dollar -There will be stable coin companies that are regulated similarly to banks -With a lot of crypto coins, an unlimited amount can be created -The new version of stable coins will be great Useful Links Financial Survival Network Rich Turrin Cashless: China’s Digital Currency Revolution by Richard Turrin
