Will China’s Digital Currency Be the Next Big Global Financial Technology?

Source: Cobden Centre
by Weimin Chen

“What if money could instantly and directly reach the people who use it? No banks, no delays, and no fees. People could send each other money without having to go through Venmo or Cash App, paychecks could clear instantly instead of counting business days, and loans could be approved with no waiting period. China has already taken the first steps toward this goal of convenience and efficiency with the government’s recent rollout of their digital currency. The Digital Yuan, is a digital format of the Chinese national currency that operates as legal tender issued by the People’s Bank of China (PBOC) and is used chiefly through mobile technology. … We may be witnessing the emergence of a new species of currency incubated in the modern financial technology ecosystem and ripe for international adoption.” (06/10/21)