China Unveils Official Digital Currency

#. China Unveils Official Digital Currency

 

China recently announced its plan to launch the world's first official digital currency.

The country will begin testing its new currency system in four major cities starting in May.

The Digital Currency Electronic Payment (DCEP) is the brainchild of the Chinese central bank.

Although numerous digital currencies such as bitcoin already exist, the DCEP is the first digital currency to be issued by a government.

Much like paper currency, digital currency is a form of money.

It can be used to purchase items wherever it is accepted, and it can be exchanged for other currencies.

The key difference is that digital currencies exist exclusively online.

Instead of printing new bills and coins, the central bank simply issues digital money via online accounts.

The DCEP is set to be adopted in four locations: Shenzhen, Suzhou, Chengdu, and Xiong'an, a new city near Beijing.

Government workers in these cities will receive part of their paychecks in the new currency through a specially-designed smartphone app.

In Suzhou, the currency will be used to pay for transportation, while in Xiong'an, it will focus mainly on food and retail.

The Chinese central bank developed the DCEP to address the changing needs of an increasingly digital economy.

In recent years, online payment platforms such as Alipay have become more widespread throughout China, while cash transactions have decreased significantly.

With the new currency, authorities will be able to monitor online cash flows like never before, and thus, make more informed policy decisions.

However, some critics have pointed out that such knowledge of people's whereabouts and purchasing habits is dangerous.

They argue that it violates people's privacy and could be used to curtail their freedoms.

Nevertheless, the potential benefits of digital currency are hard to ignore.

As such, central banks in the U.K., Europe, Sweden, and Japan have joined forces to evaluate the merits of issuing their own digital currencies.

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join / combine forces (with somebody) (~와) 힘을 모으다

As such, central banks in the U.K., Europe, Sweden, and Japan have joined forces to evaluate the merits of issuing their own digital currencies.

@ As such, for example, for instance 예컨대, 이를테면

The two firms joined forces to win the contract. 

 

Nevertheless |nevərðə│les 그렇기는 하지만, 그럼에도 불구하고 (=nonetheless)

Nevertheless, the potential benefits of digital currency are hard to ignore.

There is little chance that we will succeed in changing the law. Nevertheless, it is important that we try.

Our defeat was expected but it is disappointing nevertheless.

 

curtail @ kɜːr|teɪl 축소[삭감/단축]시키다

They argue that it violates people's privacy and could be used to curtail their freedoms.

Spending on books has been severely curtailed.

The lecture was curtailed by the fire alarm going off.

 

whereabouts 소재, 행방 , 어디쯤에(서)

However, some critics have pointed out that such knowledge of people's whereabouts and purchasing habits is dangerous.

His whereabouts are / is still unknown.

Whereabouts did you find it?

 

like never before 전에 없이, 전에 (볼수)없던 식으로 = as never before

With the new currency, authorities will be able to monitor online cash flows like never before, and thus, make more informed policy decisions.

 

transaction @ trænˈzækʃn 거래, 매매 (=deal)

In recent years, online payment platforms such as Alipay have become more widespread throughout China, while cash transactions have decreased significantly.

@ significantly 상당히[크게] @ significant 중요한[의미 있는/커다란] (→insignificant)

financial transactions between companies , commercial transactions 

 

address @ (문제·상황 등에 대해) 고심하다[다루다]

The Chinese central bank developed the DCEP to address the changing needs of an increasingly digital economy.

Your essay does not address the real issues.

We must address ourselves to the problem of traffic pollution.

 

be set to ~하도록 예정되어 있다

The DCEP is set to be adopted in four locations: Shenzhen, Suzhou, Chengdu, and Xiong'an, a new city near Beijing.

Be set to leave by 10 o’clock.

 

exclusively @ iksklú:sivli 배타적으로; 독점적으로; 오로지, 오직 …뿐(solely)

The key difference is that digital currencies exist exclusively online.

 

exclusive @ ɪkˈskluːsɪv 1.독점적인, 전용의   2.배타적인, 특권층의   3.(신문잡지의) 독점 기사

He belongs to an exclusive club.

The two views are not mutually exclusive.  @ mutually exclusive 상호 배타적인

 

brainchild @ ˈbreɪntʃaɪld 아이디어, 발명품

The Digital Currency Electronic Payment (DCEP) is the brainchild of the Chinese central bank.

The artificial lake is a brainchild of the city planner.