Beyond medals, China’s digital Yuan is Cruella in Beijing Winter Olympics this month. Lawmakers and central bankers agree that China’s digital money and electronic bank notes are victorious. Thus, it defines future of money said Bloomberg.
A media expert Cai Qianyi gave testimonial after buying food on how flexible it is to pay with e-money than paper money. E-CNY shows remarkable success in its early stage said experts. The gain of $14bn since 2021 is the proof. Reports then flourished that this would help China’s geopolitical expansion in digital currency’s game of thrones.
Yaya Fanusie, a fellow at the Center for a New American Security said that Bank of China facilitates people with new order for global payments. Measuring the effectiveness, digital Yuan can receive, save, and transfer without having bank account. This would surely dismiss other cost on layers of intermediaries.
Just like Cruella’s against all odds with conventional fashion, digital Yuan helps traditional banks to evaluate.
U.S. policymakers for instance, alert that if U.S. does not have its own digital currency, foreigners will be more convenient to seek others dollar alternatives.
Nations race to issue central bank digital currencies said Randal Quarles who chaired Financial Stability Board (FSB). Libra, the most recent Facebook Inc. digital coin development follows this trend. Finance ministries around the world also get ahead on this sophistication.
87 countries explore, 14 include China and Nigeria is on the pilot stage, reported Atlantic Council. They are also working for the best approach for privacy protections and securities. Fed’s risk responding to digital money becomes one of the further concerns as well.
