“I actually do think this is one of those issues where it's more important for the United States to get it right than it is to be first, given the dollar's important role globally,” Powell said during an International Monetary Fund (IMF) panel on Oct. 19. “Getting it right means that we not only look at the potential benefits of a CBDC, but also the potential risks and also recognize the important trade-offs.”
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The digital yuan will soon be coming to the rest of China, including financial center Shanghai (Photo: Pixabay/Renjinpeng)Digital yuan faces internal testing ahead of full-scale deployment
Having passed limited roll-outs in seven cities including Beijing and Hong Kong, China’s digital currency is undergoing full-scale internal testing ahead of a broader launch
“The internal testing is mainly to test the technical reliability and maturity of the digital currency," said Fan Yifei, deputy governor of the PBoC. "The internal test requires that the digital currency should only run within a very clear boundary, which is quite demanding for the test scenario.”
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Another Chinese ecommerce behemoth adds digital yuan support
Plans to integrate a mobile wallet for both online and offline usage comes as China declares its central bank digital currency ready for rollout
The project is the latest example of major Chinese consumer retail conglomerates backing China’s digital yuan project—formally known as Digital Currency/Electronic Payment, or DCEP.
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China’s digital yuan ready for deployment
People’s Bank of China calls digital yuan a weapon in a “new battlefield” between nations
Reuters reported today that the PBoC is eager to become the world’s first nation to issue a CBDC in an attempt to internationalize its fiat currency and reduce its reliance on the dollar’s financial infrastructure.
