Cashless: China's Digital Currency Revolution

When I left China in 2013, after 13 years in Qingdao, the now ubiquitous QR code was just beginning to appear in my field of vision. When I returned to visit Guangdong in 2018, only 5 years later, it had replaced cash as a means of payment almost completely! In 2019 I was in the tiny rural community of Feng An in the mountains of Guangdong, a couple selling fruit at the side of the road displayed, along with the fruit . . . a QR code for payment.As with so much, China and her people take up new tech with staggering speed so China is the obvious place to see the future developing; right now. I have very little knowledge of finance or tech, let alone fintech; Richard Turrin is there and has extraordinary insight into that world. He also has a refreshingly objective view of how China’s governance is such an important part of steering finance into a more inclusive vehicle in the effort to eliminate poverty, especially in the global south and amongst developing nations.I took away a much deeper appreciation of the complexities of finance and payment logistics in general and a glimpse of how things are likely to be worldwide before long.

This is a must-read for anyone involved in financial services. But be prepared. Richard Turrin challenges everything we thought we knew about money and payments.Turrin’s on-the-ground first-hand experience of the financial services revolution in China is absolutely fascinating; from financial inclusion, FinTech at Scale, QR Codes to the emergence of Super Apps, while in parallel, the development and rigorous testing of a digital currency that is now poised for roll-out across China.No wonder Central Banks around the world at looking at the feasibility of introducing Central Bank Digital Currencies (CBDC’s). But this is only the tip of the iceberg.Turrin’s insights in to the inherent capabilities of digital currencies to not just mirror cash, but to elevate the utility of money to a completely new level is even more fascinating. The potential of CBDC’s is extraordinary and indeed, absolutely befitting of a digital world, not just in China, but in the West and the rest of the World too.The fascinating insights in this book point to an inevitable shared digital currency future.Overall a great read. Thank you, Richard Turrin

Highly recommended. Richard breaks down in accessible language how and why China has progressed faster than the West in their shift towards digital payments and clearly decomposes the reasoning and expected structural model of their upcoming CBDC.Must read for anyone in the finance, banking and fintech space, or simply curious as to the future of digital money.

An easily accessible book written with the reader in mind. As a financial services professional with policy making, fintech, regulation and international affairs at heart, this book provides a thought provoking read. Whether looking at the history of Chinese payments and fintechs, or the evolution of money, including a very helpful and understandable insight into the relevance of the Chinese Central Bank Digital Currency, Rich provides an engaging read that is relevant to anyone living in today's digital world and using the digital economy. Written from within China by someone with great knowledge, access and awareness the book is highly recommended for anyone keen to learn more, whatever your reason or ability.

An enjoyable read and a definitive guide to understanding the human and economic impacts of the introduction of digital currency. An insightful deep dive beyond the usual commentary and impact assessments based on huge amounts of research, interaction with experts. Richard's personal experiences and understanding of Chinese financial Markets, Culture, Innovation and Fintech set this book apart and makes it a uniquely grounded and worthwhile read. Having read the book I now feel able to understand this area better and take these concepts forward in strategy, business modelling and innovation.

If you'd like to know how a country is run on a fully digital mode, this is your book. For those who don't know about China's new digital Yuan and are interested to get an unbiased point of view, this may be a good start.

The Book is forward thinking and the book to read. China's new Central bank digital currency. The transformation of the money system is taking shape with in cryptocurrency playing a major part in the revolution. It is a great read and also reference.

Easy to read. Exhaustive treatment. Blows the myth of privacy in a real, convincing and acceptable manner. A possible future economy.