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China Proposes Global Rules for Managing Sovereign Digital Currencies


China Proposes Global Rules for Managing Sovereign Digital Currencies
China Proposes Global Rules for Managing Sovereign Digital Currencies
April 4, 2021 Posted by China Briefing
Reading Time:
3 minutes
China’s Central Bank has proposed the application of global standards for the coming influx of sovereign digital currencies at the 2021 
The outlined plan, titled ‘Global Sovereign Digital Currency Governance’ encompasses cross-border digital transactions, risk supervision, use and ownership of data, and other related financial and risk issues.
Mu Changchun, a director of the Digital Currency Research Institute of the People’s Bank of China (PBOC), has stated that the bank aims to become the first major global central bank to issue a sovereign digital currency. It aims to propel the internationalization of the RMB and reduce dependence on the global Dollar system. ....

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Why the US can't afford to fall behind in the global digital currency race


China s official app for digital yuan is seen on a mobile phone placed in front of an image of the Chinese flag, in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration
Chinese officials have made it no secret that their greatly accelerated efforts at introducing and distributing the digital yuan are an opening move in their long-term strategy to undermine the dollar’s global supremacy and expand their influence.
Despite that, leading US financial officials have rolled their eyes at any suggestion that deeper dangers lurk for the dollar, and thus also for US national security, in the global digital currency race. Even as China marches forward and bitcoin’s market value reaches one trillion dollars, the US Federal Reserve had been in no hurry to be a contestant. ....

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China: WeiyangX Fintech Review


China: WeiyangX Fintech Review
SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture
Public records show that SWIFT has recently established a Financial Gateway Information Service Co., Ltd. in China with the People’s Bank of China Clearing Center and the People’s Bank of China Digital Currency Research Institute. SWIFT holds 55% of the shares through its Hong Kong subsidiary and the People’s Bank of China Clearing Center holds 34% of the shares. The company’s business scope includes information system integration, data processing and technical consulting. (
Source:
SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture ....

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