The vice-chairman of the China Centre for International Economic Exchanges (CCIEE), Huang Qifan, says the country is determined to develop the world’s first sovereign digital currency.
HONG KONG (Reuters) – China’s digital currency will create a “horse race” when it is launched as commercial banks and other institutions compete to provide the best services using the new form of money, a central bank official said on Wednesday.
Circle CEO Jeremy Allaire believes that China’s developing “cryptocurrency” could propel the yuan to worldwide renown as a global reserve currency.
Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no US monopoly on regulation of next-generation payments technology. You may not like Facebook’s proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a state-run Chinese digital currency with global ambitions is perhaps just a few months away, and you will probably like that even less.
Several central banks in different countries are considering implementing some form of Central Bank Digital Currency (CBDC). Uruguay has reportedly launched a CBDC pilot program already, while the Bahamas, China, Canada, Sweden, Eastern Caribbean Currency Union and Ukraine are “on the verge” of testing their systems.
a visual representation of digital cryptocurrency coins sit on display in front of a Chinese flag on Oct. 17, 2019 in Paris. Chinese authorities are stepping up preparations for their own virtual currency as Facebook promises to revolutionize payments with its virtual currency called 'libra'. No date has been set.
KEY POINTS The People’s Bank of China (PBOC) last month said it’s close to launching its own digital yuan, arguing that the rationale behind the move is to “protect” its foreign exchange sovereignty. “This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world,” said Circle CEO Jeremy Allaire.
Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.