One in three Americans found losing work, income due to coronavirus as China starts major trial of state-run digital currency

Americans, particularly low-income earners, report losing jobs due to pandemic but most are optimistic about getting them back
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By Ellen Wulfhorst

NEW YORK, April 27 (Thomson Reuters Foundation) – Almost one-third of Americans have lost work or income due to the coronavirus, especially low-income earners, by getting fired, laid off or having their hours cut, research showed on Monday.

Gallup, a U.S.-based polling company, found 30% of adults in America – a nation with nearly 256 million people over age 18 – reported seeing their jobs or finances affected by the epidemic.

news.trust.org/item/20200427193019-avpv2/

China will begin trialling payments in its new digital currency in four major cities from next week, according to domestic media.

In recent months, China’s central bank has stepped up its development of the e-RMB, which is set to be the first digital currency operated by a major economy.

It has reportedly begun trials in several cities, including Shenzhen, Suzhou, Chengdu, as well as a new area south of Beijing, Xiong’an, and areas that will host some of the events for the 2022 Beijing Winter Olympics.

State-media outlet China Daily said it had been formally adopted into the cities’ monetary systems, with some government employees and public servants to receive their salaries in the digital currency from May.

Sina News said the currency would be used to subsidise transport in Suzhou, but in Xiong’an the trial primarily focused on food and retail.

A screenshot purported to be of the app required to store and use the digital currency has been circulating since mid-April.

Some reports also claim businesses including McDonald’s and Starbucks have agreed to be part of the trial. Both companies have been contacted for comment.

www.theguardian.com/world/2020/apr/28/china-starts-major-trial-of-state-run-digital-currency

Ten percent said they had been temporarily laid off – but 85% of those believed they would get their jobs back – a quarter suffered a loss of income, and one in six had hours reduced.

Among less affluent people, 4% lost their job permanently, compared with 2% of adults overall, according to Gallup, as the number of known infections in the United States topped 970,000 with more than 55,000 deaths.

Among people earning less than $36,000 a year, 14% were laid off and 32% had a loss of income.

 

Everything that China does, will come to the West sooner or later.

Trust the plan and communist social credit scoring which is also coming to USA.

Commentary: Why China’s social credit system gets thumbs-up from citizens
Many Chinese people think that the new social credit system will combat a nationwide crisis of trust, says an expert.

ONDON: The Chinese social credit system has been given an unequivocally negative reception by the media in the West.

Set to be rolled out nationwide in 2020, the system has even been described by one journalist as China’s “most ambitious project in social engineering since the Cultural Revolution”.

On the surface, this reaction is understandable. Once the system is fully implemented, Chinese citizens will be given a social credit score based on their deeds. For example, failure to pay a court bill or playing loud music in public may cause a low score.

This score can dictate what rights people have. Those on the “blacklist” are prevented from buying plane or train tickets, for instance, as well as working as civil servants or in certain industries.

www.channelnewsasia.com/news/commentary/china-social-credit-system-digital-trust-online-fraud-scam-west-12212976

AC