China to Use Digital Yuan for Domestic Purpose- Former Governor

The former governor of the Chinese Central Bank has said that China will look to make use of the digital yuan domestically rather than globally.

Zhou Xiaochuan believes that the use of a Chinese digital currency globally would cause issues. and indicated that it could affect monetary policy independence.

China Plans to Use Digital Yuan at 2022 Olympic

The potential of digital currency elaborated the usage of digital currency in criminal usage by the former governor of the People’s Bank of China at the Boao Forum in China.

The statement from Li Bo reads, “The central bank will be looking to test cross-border payments of the digital yuan for preparations towards the upcoming Winter Olympics scheduled for 2022. The digital currency will be offered as a payment method for cross border payments for domestic and overseas users, including athletes.”

Europe Plans to Launch CBDC

The Central Banks Digital Currency (CBDC) being the highest security digital instrument, is in the minds of all banks. The president mentioned that soon the continent will launch its digital currency and the European Central Bank is positive about the digital Euro.

However, the president has also clarified that the process could take up to four years to successfully implement.

Talking about the United States' interest in CBDCs, Treasury Secretary Janet Yellen states that “CBDCs could help those without access to the banking system in failure.”

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

China to Use Digital Yuan for Domestic Purpose- Former Governor

Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.