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Thursday

26 November 2020

The US election seals China's victory in digital currency supremacy

The US election seals China's victory in digital currency supremacy


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China’s digital yuan — also referred to as Digital Currency Electronic Payment, or DCEP — will soon be used around the world.

That will assure China the opportunity to increase its lead in the digital currency race.

In addition, Biden has long ties with China and has long been a proponent of its industrialization and growth into a world leader.

The Chinese yuan via the DCEP will become the dominant global currency.

If the Chinese yuan is used by such individuals throughout the world, the Chinese currency can surmount U.S.

government is not particularly concerned with speed when it comes to developing a central bank digital currency.

Powell suggested that building a CBDC correctly was more important than winning the digital currency race.

Pompliano said accessibility to a digital fiat currency will determine the winner on this new fintech frontier

"If I’m sitting somewhere in the world and I can use the internet connection and I want a global currency, can I get a yuan, or can I get the dollar?"

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