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Yuan and dollar image via Shutterstock. If it wants to cool down the housing market, for example, it can simply set a program preventing digital RMB from entering the real estate sector. Some might wonder why blockchain or distributed ledger technology DLT is needed at all if nodes are not highly decentralized. Cash is expected to disappear almost entirely. This suggests transactions will be visible to the banks and government, but not to the public. Eventually, the plan is to use incentives such as increasing the transaction cost of cash to push people towards using digital currency. The next question is: The issuance of a digital RMB will not only make cash and coinage obsolete which is already happening in China , but also make commercial banks and M2 easier to control. Dovey Wan is a partner at Primitive Ventures, a crypto asset investment fund. It means the PBOC can more effectively control and regulate an overextended debt market.
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