Latest News

China is not threatened by the digital currency, according to the CEO of E-CNY

According to Mu Changchun, director-general of the People’s Bank of China Digital Currency Initiative, China does not expect the digital dollar to have a substantial impact on its monetary system.

He appeared at a session arranged by the Atlantic Council think group to coincide with the release of the IMF’s report on central bank digital currencies (CBDCs).

“We’ve already completed the mBridge project [a multilateral CBDC platform that allows for”
“rapid cross-border payments in numerous currencies and jurisdictions].”

“… Simultaneously, we have tight capital management policies in place.”
“We don’t expect big dollarization impact with that level of support,”
So, Mu said when asked if China is concerned about a potential digital dollar from the United States.

Mu’s uncommon public remarks came at the same time as China’s CBDC was being showcased to a global audience of athletes and politicians at the Beijing Winter Olympics.

According to Mu, the e-CNY is one of only two means of payment accepted at the Olympic venues. Also, the other being the credit card of Olympic Games sponsor Visa.

China’s e-CNY, which is now being piloted, is largely expected to go live this year. Then, and become the world’s first major central bank digital currency.

According to the Atlantic Council’s CBDC Tracker, around 100 countries are investigating CBDCs. But, although the United States is the most advanced of the Big Four central banks. That’s, including those of the European Union, Japan, and the United Kingdom.

Related Posts : Last year, digital yuan transactions increased to $11.24b

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.