192 - Richard Turrin: China's Digital Currency Revolution

Gabriel Custodiet speaks with Richard Turrin, author of a book on China's rapid transformation to a cashless society.

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TIMELINE
00:00 – Introduction
1:30 – Guest background
3:20 – China's rapid cashless transformation from 2010 – 2018
7:00 – Did China have a plan to create this cashlessness?
10:40 – What is the reality in 2025?
13:00 – What is WeChat like at the user level?
19:50 – Are Alipay and WeChat sandboxed?
21:25 – Scams on Alipay and WeChat
26:45 – How do foreigners use Chinese payment apps?
30:20 – How will China transition to a Central Bank Digital Currency (CBDC)
39:07 – Banks in China had to get on board
48:40 – Fees for Alipay and WeChat are essentially zero
50:50 – How often can Chinese use apps outside of China?
52:30 – Are Chinese allowed to use other payment methods?
55:05 – China data sovereignty
1:04:00 – Final thoughts

Music by Karl Casey @ White Bat Audio