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The role of sovereign digital currencies in the future of money Cryptocurrencies such as bitcoin have been making the headlines for their sharp price movements, but they are not the only digital currencies to take note of. Money Mind looks at the role of sovereign digital currencies in the future of money.
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06 Apr 2021 02:50PM) Share this content
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SINGAPORE: Cryptocurrencies such as bitcoin have been making the headlines for their sharp price movements, but they are not the only digital currencies to take note of.
Apr 4, 2021
No one knows when and how the pandemic will end. In the post-COVID-19 world, however, two things are certain: accelerated digitalization and a more confident China.
The 2008-09 global financial crisis was the first significant shift in power from the United States to China. During the current COVID-19 pandemic from 2020, China has been one of the only major economies to have posted growth and, as a result, Beijing is becoming increasingly confident that it is on an equal footing with the West.
On March 5, at the National People’s Congress held in Beijing, Chinese Premier Li Keqiang announced major goals for the 14th Five-Year Plan. The centerpiece of this new plan was the development of a digital economy. The plan aims to accelerate the development of digitization and to build a “digital China.”
How China s Digital Currency will change online payments | The Hindu In Focus Podcast
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In this episode, we look at China s plans for a Digital Currency, officially titled the Digital Currency Electronic Payment (DCEP), also known as the digital RMB (the Renminbi is China’s currency).
In February, the People s Bank of China (PBOC) launched the latest round of pilot trials, with reported plans of a major roll-out by the end of the year ahead of the February Winter Olympics in Beijing. While several countries are experimenting with digital currencies, China’s recent trials in several cities have placed it ahead of the curve.
The Hindu Explains | How does China s digital currency work? thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
Posted : 2021-03-17 10:50
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China s rapid development of its sovereign digital currency, the so-called digital yuan, is causing the United States to worry that it could fall behind in the race for financial technology innovation, analysts said.
The digital yuan is one of the most advanced central bank digital currency (CBDC) initiatives in the world, with the People s Bank of China having been conducting experiments and proceeding with tests for more than five years.
And its potential success could not only mean a superior representation of central bank money to strengthen China s domestic economy, but it could also increase international currency competition that could threaten the dominance of the US dollar, analysts added.