The Chinese sovereign digital currency, which may be offered to the public next year, is projected to replace paper money. Analysts say it may even shift the global balance of economic power.
The People’s Bank of China last week revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. Limited trials are already underway in four cities across the country.
“Looking back years later, the two defining historic events of 2020 would be the coronavirus pandemic, and the other would be [China’s] digital currency,” a senior researcher with Peking University's Digital Finance Research Centre, Xu Yuan, told earlier the South China Morning Post.
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I just don't see this replacing Bitcoin or any other crypto. There's room for everyone! Bitcoin's,Yuan, different shitcoins, and various other country coins. It's probably what we're going to see in the future. Choices.
US has weaponized SWIFT system, so of course other countries will seek a way out of it. China is offering a quick and elegant exit out of the US sanctions and economic terror. I hope to put a post on this topic tomorrow.
I am hoping to receive a yuan tip on Twitter, much better if it is mineable or offer as DeFi solution for interest. U.S.A in my opinion will not submit for defeat, anytime it can convert XRP or can create it's own USDT using hive for Zero transaction fee. That would be much better than digital yuan.