Cashless: China's Digital Currency Revolution
- Downloads：3393
- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-06-24 06:52:03
- Update Date：2025-09-07
- Status：finish
- Author：Richard Turrin
- ISBN：1949642720
- Environment：PC/Android/iPhone/iPad/Kindle
- Download
Reviews
Daniel DeLafuente
，
Richard´s book ¨cashless¨ is presented in such a way， that you have the feeling you are having a conversation with him， more than reading a book full of interesting facts and giving a wide view of how digital economy has reached in China to a point that actually cash is nonexistent， as the title of the book suggest。It is not only a great guide to understand last decade social and economic impacts of the introduction of digital currency in China， even in their less sophisticated version through e Richard´s book ¨cashless¨ is presented in such a way， that you have the feeling you are having a conversation with him， more than reading a book full of interesting facts and giving a wide view of how digital economy has reached in China to a point that actually cash is nonexistent， as the title of the book suggest。It is not only a great guide to understand last decade social and economic impacts of the introduction of digital currency in China， even in their less sophisticated version through eMalls such as JD or TMall， but how different eRMB is and what is its potential， its strengths and its challenges。I would also point out that Cashless also helps to demystify China's financial and regulatory systems， providing many examples of how Western financial systems see China， and how China financial and regulatory systems really are。 I want to see how many of Richard´s educated guesses turn out to be in the following months and years， as this is a brand new world and none really knows how everything is exactly going to turn out。 。。。more
Zoltan Pogatsa
，
A very useful summary by someone who clearly knows what he is talking about。 A bit too much self promotion at the beginning， but then the book gets going。 More of a fintech approach than an economic policy approach。 All in all， a fine read if you are interested in the topic。
Brian Larson
，
Turrin’s ‘Cashless’ is a marathon read。 At close to 400 pages， each page is packed with tiny tidbits of well-researched data that， when viewed from a 300ft tall vantage point， paint a realistic and optimistic view of the future of banking， finance， and the technology that will power these industries into a new ‘cashless’ globe。 Although I lived in China for a short period in 2013， I was a little too early to have a seat to the meteoric rise of digital payments in China。 Like many ex-pats， I wait Turrin’s ‘Cashless’ is a marathon read。 At close to 400 pages， each page is packed with tiny tidbits of well-researched data that， when viewed from a 300ft tall vantage point， paint a realistic and optimistic view of the future of banking， finance， and the technology that will power these industries into a new ‘cashless’ globe。 Although I lived in China for a short period in 2013， I was a little too early to have a seat to the meteoric rise of digital payments in China。 Like many ex-pats， I waited in queues at CCB for hours on a Sunday to transfer money between accounts & paid for almost everything with cash （人民币）。 Although I was active on WeChat and purchased goods from Alibaba， these apps and digital storefronts had yet to become as powerful as digital ecosystems as we see them today in China。 In less than 7 years， China has changed the banking and “techfin” landscape so much that any American would be left dazzled by the ease & interoperability of China’s “cashless” society （who knows- maybe that same American would come back and demand the same ease of use & low fee structure from his/her/their bank， credit card， credit union， etc。）。 Turrin’s recounting of the regulatory quagmire that fed the P2P lending crisis in China was illuminating and provided a reasonable and logical rationale as to why the CCP halted the IPO of Ant Financial last year。 Sure， Ma’s Basel Accord statement didn’t do much to aid his cause， but this event played little if not any role in the CCP’s shuttering of Ant’s star-studded IPO。 Turrin’s juxtaposition of the P2P crisis with the US’s mortgage-backed securities crisis was genius and easily digestible。 Turrin is quick to point out that banks and credit card companies will likely all still be around in the next century but that they will need to swiftly and skillfully adapt to a more consumer-centric model of banking that operates on a new paradigm without excess fees or lackluster mobile & onboarding support。 I absolutely loved Turrin’s use of example walk-throughs as he explained the many pros and far fewer cons to China’s rolling out of a CBDC。 Who knew a CBDC could affect everything from the purchase of xiaolongbao from a Shanghai street vendor to the international monetary exchange between China and its BRI cohort。 Things get a little more complicated as Turrin posits his own views on how DC/EP’s having a “One Coin， Two Repositories， Three Centers” would flush out in reality。 This is forgiven as the end of the book focuses on the many ways a CBDC could improve financial inclusion and dramatically reduce the number of unbanked and underbanked across China （and， for that matter， across the globe）。 Last， I really liked Turrin’s rationale around why China’s CBDC does not mean the complete demise of the dollar （nor is it the PBOC’s intent）。 Instead， China is playing the long game and seeking to innovate in a space that has been stale for the better part of two decades。 China’s enlisting of support from international organizations like SWIFT and BIS is a clear indicator that it seeks to work with the existing international monetary framework and not simply blow it up。 If the world can come around to cryptocurrencies， it sure can get used to a digital RMB。 This book has something for everyone。 Even for those who question China’s intent with the launch of its CBDC， Turrin welcomes you aboard his Alipay-purchased ship and quickly combats and demystifies fact from fiction and， at certain turns， admits he doesn’t know all the answers （but he doesn’t use this as a cop-out）。 In the end， even the most pro-US reader will realize that he/she/they can benefit a whole lot from understanding the groundbreaking payment trends occurring across China。 。。。more
Fede
，