日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
World
Home / World / Newsmakers

China's digital yuan set to join the international arena

By Barry He | China Daily Global | Updated: 2021-03-01 09:46
Share
Share - WeChat
China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken Oct 16, 2020. [Photo/Agencies]

As bitcoin reaches new astronomical heights and novel newcomers such as dogecoin turn ordinary people into millionaires overnight, China's own internal digital currency development is now also set to influence how the world uses online payments.

The digital yuan has sparked much interest among economists, promising to integrate cashless convenience into people's lives. China is at the forefront of nations developing this concept, which is called a Central Bank Digital Currency (CBDC).The digital currency is supported by yuan reserves held by the central bank in China, and is something which has been in the works for around 5 years. The rest of the world would be wise to invest into similar initiatives, given the promised benefits of digital currencies compared to traditional paper and coin.

The new digital yuan will differ slightly from existing cryptocurrencies, being a centralized form of payment. It will not be able to be exploited by criminals, who currently have no restrictions stopping them from using anonymous cryptocurrencies to commit crimes such as the purchase of drugs or weapons on the darknet. The new digital currency will also help China's unbanked population integrate into a mainstream economy, where a cashless society will be able to function efficiently in sync with a booming e-commerce industry.

The innovation will also allow the government to better track how money flows through the economy, and be able to calibrate national economic planning decisions more accurately based on fast flowing data. China has essentially skipped Europe and United States' two decade-long obsession with credit card chip and pin technology, jumping straight in to become the earliest society in the world to entirely adopt contactless phone payments and QR codes. The adoption of the digital yuan is likely to be picked up by an eager society in which, according to Statista, more than 57 percent of people own smartphones.

Big tech companies operating domestically are also working in tandem with authorities in a bid to make this happen, and the industry has much to gain in aiding this futuristic new infrastructure. Giants such as Tencent, Wechat and Alibaba are all conglomerates that offer services and products which would greatly benefit from an increased adoption of convenient economic payments.

The advent of China's economy as one of the world's most important growth drivers means that it could help make the renminbi achieve international reserve status. Having a centralized digital yuan can further cement this reality.

Many have lost faith in the US dollar since the 2008 financial crisis, with worries of volatility manifesting even more as we look toward a post-COVID-19 world. Globally, bankers and traders alike are increasingly looking toward alternatives to the greenback for use in international trade.

Currently the US dollar is used as the medium for nearly 90 percent of international transactions. Many countries, especially in central America, operate internally exclusively with the dollar.

The renminbi now accounts for just 4 percent, but as China's commercial influence grows this will change. The digitalization of this currency will add to the popularity of the yuan, especially if Chinese communities outside of China adopt it too. The yuan would then start to morph into an international symbol of stability.

Barry He is a London-based columnist for China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 天天舔天天| 深夜网址你懂的 | 一区二区欧美视频 | 日韩二区精品 | 精品久久久久久综合日本 | 色资源网站 | 一级在线免费视频 | 国产亚洲综合一区二区 | 91福利精品老师国产自产在线 | 国产 欧美 日本 | 欧美午夜不卡 | 热99在线视频 | 久色视频在线观看 | 午夜理论电影在线观看亚洲 | 大片在线免费观看 | 99je全部都是精品视频在线 | 亚洲视频在线播放 | 草草免费 | 一级做a视频 | 玖玖成人 | 国产精品无码专区在线观看 | 国产精品免费久久久免费 | 成人国产精品一区二区毛片在线 | 精品一卡2卡三卡四卡二卡 欧美不卡一区二区三区在线观看 | 日本aaaaa高清免费看 | 欧美黑人ⅹxxx片 | 欧美黑人在线视频 | 中文字幕在线精品 | 天天躁夜夜躁狠狠躁2024 | 香蕉视频日本 | 日韩在线免费 | 亚洲福利视频一区二区 | 一个色综合网 | 国产精品国产三级国产aⅴ中文 | 奇米影视欧美 | 欧美一区二区三区成人精品 | 国产精品国产成人国产三级 | 日本在线视 | 成人精品久久 | 婷五月综合| 国产精品久久国产精品 |