Lubomir Tassev reports in bitcoin.com that "the new digital yuan, currently undergoing trials, can help to increase the international usage of China’s national fiat, experts have stated. As the renminbi (RMB, CNY) is becoming one of the world’s most important currencies, the People’s Bank of China is planning to conduct cross-border tests with the yuan’s digitized version, the e-CNY.
The digital yuan will further promote the process of “internationalization” of the renminbi, Chinese experts believe. This can happen when the Chinese yuan becomes the world’s third-largest currency — in terms of pricing, settlement, and international reserves —current and former officials said Wednesday, quoted by the China Internet Information Center portal.
The e-CNY, arguably the most advanced central bank digital currency (CBDC), is still being tested primarily in domestic retail payment trials. However, cross-border e-commerce could provide the next use case scenario for the “natural and particularly easy to accept” digital yuan, thinks Tu Yonghong, deputy director of the International Monetary Institute (IMI) at the Renmin University of China.
According to Wei Benhua, former deputy director of the State Administration of Foreign Exchange, the future implementation of the e-CNY in international payments will not only promote the RMB but can also influence the reform of the global monetary system. At the same time, he stressed that a consensus would be needed on new rules and standards for the sovereign digital currency.
Source credit and full story - https://news.bitcoin.com/digital-yuan-to-promote-international-use-of-chinese-currency-experts-say/
A while ago the usage of the digital Yuan to de-throne the mighty US$ as the international currency for trade and settlements was a hotly debated subject in the Washington political circles. And it was dismissed as an unnecessary concern because the US$ is so entrenched and powerful that to happen.
But that is exactly what the Chinese are going to try to do and succeed in doing it. Because the US was lagging in its digital Dollar initiative due to its unsupportive and uncertain stance on crypto. What is your take?
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