Central Bank of China: digital yuan will help reduce dependence on dollar dominance

Representatives of the Chinese central bank called the issuance of national cryptocurrencies a “new battlefield”. In an article published in China Finance, they outlined the benefits of the digital yuan for the national financial system.

“China has many advantages for issuing digital currencies, so it needs to accelerate its pace to take the lead in this direction,” the article says. In particular, the innovations will help to improve data transfer and contribute to economic recovery in the post-pandemic era.

We will remind, last month, a number of local publications announced the start of test tests of the asset by some commercial banks in China, in addition, it was previously reported that the digital yuan will be tested at the facilities of the Olympic Games, which will be held in Beijing in 2022.