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Rich Turrin

Rich Turrin

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Chi­na’s Cen­tral Bank Dig­i­tal Cur­rency Won’t Be Blockchain-based or Ri­val to Ali­pay: Rich Tur­rin

June 24, 2020 by Rich Turrin
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Shang­hai-based fin­tech vet­eran Rich Tur­rin says that de­spite the wide­spread as­so­ci­a­tion be­tween dis­trib­uted ledger tech­nol­ogy and cryp­tocur­ren­cies, Chi­na’s hotly awaited dig­i­tal ren­minbi will not be based on blockchain tech­nol­ogy.
Shanghai-based fintech veteran Rich Turrin says that despite the widespread association between distributed ledger technology and cryptocurrencies, China’s hotly awaited digital renminbi will not be based on blockchain technology. In an interview with China Banking News Turrin said China’s central bank digital currency (CBDC) will instead mark an evolution from pre-existing payments systems created by tech giants such as Alipay and WeChat, as practical challenges mean that the blockchain is not the best technology to use for its underlying foundation. […]
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In an in­ter­view with China Bank­ing News Tur­rin said Chi­na’s cen­tral bank dig­i­tal cur­rency (CBDC) will in­stead mark an evo­lu­tion from pre-ex­ist­ing pay­ments sys­tems cre­ated by tech gi­ants such as Ali­pay and WeChat, as prac­ti­cal chal­lenges mean that the blockchain is not the best tech­nol­ogy to use for its un­der­ly­ing foun­da­tion.
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Rich Turrin

About Rich Turrin

Rich Turrin is the international best-selling author of “Cashless – China’s Digital Currency Revolution” and “Innovation Lab Excellence.” He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Rich is a leading media commentator and advisor on China’s digital currency and tech scene. Living in Shanghai for more than a decade, Rich experienced China going cashless first-hand.

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