Richard Turrin - Cashless: Chinas Digital Currency Revolution

Richard Turrin has had the unique experience of watching Chinas fintech, payments and digital currency revolution from ground zero. Its why Cashless may come as a shock to US regulators, bankers and media, because it clearly articulates just how significantly far behind they are. If you want to see the future of the cashless world, read this book.

Brett King, Bestselling Author of The Rise of Technosocialism

Richs social media posts and analysis on Chinas AI, fintech, and digital currency trends provide me always with great business insights. He has a clear view of how Chinas innovation and regulation will affect domestic and global businesses for years to come.

Spiros Margaris/Margaris Ventures, Ranked Global No. 1 Finance Influencer by Refinitiv (Thomson Reuters) & Ranked Global No. 1 Fintech, AI, Blockchain Influencer by Onalytica

Easy to read, despite covering very complex issues comprehensively. The best and only introduction to Chinas digital payments and currency world which will affect us all over coming decades.

Dr. Lauren A. Johnston, Research Associate, SOAS China Institute, London; Founder New South Economics

From extensive use of QR codes to Super Apps, Chinas fintech impact is already here As CEO of a Bank as a Service platform, keeping an eye on the trends in China helps me be on the leading edge of innovation. Reading Richard Turrin is a must today if you want to know whats coming ahead from China!

Arcady Lapiro, CEO & Founder Agora Services, Member Forbes Finance Council

Rich captures how digital currency can spin the flywheel for Chinas new digital trade platforms. He shows how trade partners not only gain access to digital currency, but likewise to new digital services. This book stakes out how digital currency will change our world.

Federico Torreti, Head of Products, Amazon

There are no other books covering Chinas digital currencies on the market. The books narration is smooth and delivers tons of important information on Chinas payment systems and how they relate to the West. Plenty of facts with no political overtones.

Albert Borowiecki, Senior Analyst at Contemporary China Studies Institute

Cashless:

Chinas Digital Currency Revolution

Richard Turrin

Copyright 2021 by RICHARD TURRIN
All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, without the prior written permission of the author.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional when appropriate. Neither the publisher nor the author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, personal, or other damages.

CASHLESS:
Chinas Digital Currency Revolution
by Richard Turrin

1. BUS114000 2. BUS045000 3. BUS004000

ISBN (hardback): 978-1-949642-74-2
ISBN (paperback): 978-1-949642-72-8
EBOOK: 978-1-949642-73-5

Cover design by LEWIS AGRELL
Printed in the United States of America

Authority Publishing
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800-877-1097

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Smashwords Edition

Dedication

This book is dedicated to my mother, Doris Johanna Andreotta Turrin, who passed away just before this book went to press. Mom loved to read and shared her love of reading with me from a young age. She showed me that books could help you travel to faraway places from the comfort of your room. What mom couldnt predict was that reading would not be enough to sate my curiosity and that my love of reading would lead to a life abroad.

Table of Contents

Part 1
Version 1.0 Digital Payment Systems

Part 2
Version 2.0 Digital Payment
Central Bank Digital Currencies
(CBDCs)

Part 3
Changing Relations

Acknowledgments

The non-stop changes in China, the pandemic, and a personal loss made the year-long voyage of writing this book incredibly challenging. No sooner was a chapter written and edited than a breaking news item would change something I wrote just days before. Getting the book through final edits represented an arduous task of not only correcting grammar but updating key facts and figures to match Chinas evolving digital payment landscape. On top of this, the coronavirus presented lifestyle changes that hindered productivity for us all.

No book is a singular effort. At a time when social media has become a flashpoint for bans and blocks among conspiracy theorists and radicals, I am proud that this book represents the potential good that social media can do. I am privileged to have many supporters on LinkedIn who have contributed immeasurably to this book. The frequent debates we have about Chinas digital payment technology have helped shape and sharpen this books narrative. I am very grateful to them all for their contributions and support throughout the writing process. I also want to call attention to the positive impact that social media can have when used responsibly by a group of people bound together by a shared interest even when they disagree.

I am grateful to everyone who shared with me on LinkedIn and Twitter who helped contribute to this book, but I would like to give special thanks to a few individuals who helped shape and polish the books content. I have never had the privilege of meeting Max Senden in person, but I look forward to it because his contributions to this book were so great. Max helped me sharpen each chapters message as he read through a pre-publication copy. His knowledge of the topic, patience, and eye for detail contributed to making the book, including its cover, a success. I would like to thank Max for his dedication in refining my book and the numerous discussions we had online discussing content that helped shape my thoughts.

Dr. Lauren Johnston graciously contributed the foreword to this book and helped me better understand how my book fits within the existing research. As both an author and a scholar of Chinas economy, she gave me confidence that this book fills a previously unexplored niche. She and Albert Borowiecki, another China researcher and steadfast contributor, helped me confirm that what I feared most was true: Digital currencies were so new that they were challenging for many without cross-disciplinary expertise to understand, and as a result were often either misunderstood or, worse, ignored. I am grateful to both Lauren and Albert for their generous support and advice from within the research community.

I was also grateful to receive regular comments and advice from Guy Vancollie, Cecile Gratien, Vincent Freund, Richard Goerwitz, Colin Bennett, Sean ONeill, Joseph Wang, Simon Fox and Walter Sepp Aigner. They all gave me regular feedback and advice that shaped the arc of many chapters. Without their contributions, this project would have been limited and would have lacked the perspective they provided.

This second book was far more ambitious than my first, Innovation Lab Excellence, and was put at risk several times due to its scope. Still, I was never alone on this project. I am fortunate to have an old friend who is an acclaimed author and editor to help shepherd this book to completion. Christa Weil Menegas has been a friend for what seems an inconceivable thirty years. Having her guidance throughout this project helped me immeasurably. I am not exaggerating when I say that this book would not have been completed without her encouragement. Her ability to shape my tortured prose into the smooth and accessible passages you will soon read speaks to her professional skills. It cannot show the patience and care she put into each linethe dedication that only an old and dear friend would be able to muster.