China Fighting the Dollar Monopoly With its Digital Yuan

China Fighting the Dollar Monopoly With its Digital Yuan 1024 500 Crypto Rand Group
china dollar

According to the Chinese Central Bank, central bank digital currencies (CBDC) are “a new battleground”. China wants to issue its own as soon as possible to reduce its dependence on the dollar.

A partnership between the Central Bank and a fintech for the digital yuan

According to Cointelegraph’s Chinese observers, the e-commerce company JD.com has reached an agreement with the Digital Assets Research Institute of the Central Bank of China. Specifically, the JD.com branch, dedicated to payment systems, should help the Institute to develop and promote various tools specific to the Chinese CBDC.

A mobile wallet specific to the digital yuan as well as a blockchain platform should be launched very soon. The architecture of the Chinese digital currency has been ready since June. Numerous partnerships between the PBOC and various companies have been established in recent months to test the crypto-renminbi.

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The People’s Bank of China declares war on the US dollar

According to Reuters, which got its hands on an article from China Finance, the PBoC’s magazine, China should be the first nation to issue its CBDC to reduce its dependence on the dollar.

The article would even call the race to issue a state-issued CBDC a “new battleground”.

“China also needs to establish a new payment system network to break the dollar monopoly as a key part of the yuan internationalization, the article said.”

The PBoC’s Research and Development branch is said to have filed 130 patents relating to Chinese state cryptocurrency. The various elements make up a complete logistics chain for the issuance, distribution and use of crypto-yuan.

While the dollar rate has been rising in recent days, the arrival of the Chinese CBDC, which has been in development for 6 years, is imminent. The article does not specify a launch date, but it will not be long before.

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