This sounds terrifying. I've been in situations where there was no electricity, let alone internet or phone. Think, after a hurricane. Being able to exchange cash for services or goods was super important to preserve life and health. The last thing I'd want to hear is, "we'll get power in a week or two - until then just wait for FEMA".

It's been over a decade ago, but I've been without power for about a week after a natural disaster. Most places won't open if they don't have power (just because I didn't have power, didn't mean others were without). Not having gasoline and reliable food sources seemed to be the bigger issue. With gas there were long lines, rationing, people still were paying with credit cards. POTs was probably in better shape back then. Cell service was spotty.

From my time working in food service, managing cash has its own infrastructure issues. Secured money bags, blind drops, safes, even a system for counting, tracking, and inventory of cash and coin. Since day-to-day those things aren't used as much I'm sure in a natural disaster it would be a mess.

I'm sure cash with stick around, though.

> Being able to exchange cash for services or goods was super important to preserve life and health.

I think it's super important even in the absence of an emergency. There a number of ways that cash is critical, and for that reason, I don't think it's going to vanish.

Counterpoint: your scenario could be the occasion for people to help each other without money being involved.

China is so far ahead in consumer financial services. Even panhandlers in China use Alipay/WeChat pay. Constrast that with the west, where you need to jump through way more hoops to start taking payment.

The onboarding of non-Chinese users onto these platforms is going to be a huge trend in the next decade.

I see plenty of buskers and homeless sellers of The Big Issue accepting contactless here in London, although still a minority.

I see them in the US as well, although there's no way I'd ever use a card to give to a panhandler or busker. I'm barely OK with using a card with established retailers.

That's the whole point. They use QR codes or a namespace.

I live in the west and we just use mobile payments without any hoops. It’s not the west that behind it’s only America that’s lagging behind the rest of the developed world.

Unsurprising that China would want people to use something so easily trackable!

Yep. Every bit as easy to track as cash.

I don’t understand your comment. The article explains that the blockchain will be managed only by the Chinese central bank or its proxies. Thus, it will be far easier to track than cash.

Are you disputing that assertion about the proposed Chinese cryptocurrency?