Have you ever heard about digital Yuan? No? While all world cope with COVID-19 pandemic China developing its own digital currency.

The CBDC (central bank digital currency) is a part of 14th 5-year plan. The e-CNY will play major role in China’s digital development. Unlike a decentralised crypto, CBDC is a digital manifestation of a national currency that backed up by Central Bank.

Digitalized national currency will be useful of un-banked part of population (even if un-banked part of population really low in China). Government will maintain control and ensure transparency. But it could be used to track digital footprint by ensuring citizens to use digital currency.

Currently 86% of the world’s central banks are experimenting with digital currencies. Also a few countries work on blockchain enabled cross border payment system that will not use SWIFT.

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By my-financial-wealth.com

Trader, blogger, traveler

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