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China is widening a roll-out of its central bank digital currency with more pilot programmes that could help the country bypass Western sanctions and undercut the US dollar’s dominance in global trade.
Pilot programmes, full launches and other initiatives by China, Nigeria, Japan and Singapore show the appeal of central bank digital currencies outside the West. The impact of digital currencies on African and Asian economies will be significant as they provide greater convenience, lower transaction fees and more.
Starting this month, thousands of workers in a Chinese city will be paid their wages entirely in digital yuan, in what has been described by the central government as a "milestone" for the currency.
Beijing is keen to promote the use of the digital sovereign currency but there are a number of barriers to take-up.
Using the dollar to punish countries or keep them in line is causing geopolitical rifts and fears on top of a blooming of payment and settlement alternatives. Yet what the world needs to rise to its many challenges is more engagement, dialogue and collaboration.