news

bitcoin

1 X bitcoin bitcoin =

Wednesday

02 December 2020

Goldman Expects Digital Yuan to Reach 1B Users in 10 Years - CoinDesk

Goldman Expects Digital Yuan to Reach 1B Users in 10 Years - CoinDesk


smart summary beta

The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies, according to a Nov.

The Digital Currency Electronic Payment (DC/EP) could be a more attractive alternative to existing digital payment services provided by fintech companies in a cashless environment, said the 81-page report.

“In ten years we expect DC/EP to reach 1 billion addressable users, 1.6 trillion rmb ($229 billion) in issuance, 19 trillion rmb ($2.7 trillion) in annual Total Payment Value (TPV) and account for 15% of total consumption payments,” the report said. .

 Goldman Sachs said consumption payments – meaning the transactions in which users make purchases via a digital payment platform – will be where banks and fintech providers compete most aggressively.

The adoption of the digital yuan will likely slow the rate that banks have been ceding ground to fintech, and even reverse market share losses over the long-term if DC/EP gains in popularity, the report said. .

Goto Full Article

bitcoin bitcoin price

$19238.94

24h

Live Average

bitcoin

News Article Sentiment

positive

Score (0)

Article Metadata

author

site

coindesk.com
Market data feeds provided by cryptocompare.com
bitsmart 2020