China wants global rules for central bank digital currencies
China is actively testing its central bank digital currency (CBDC) and wants to make things easier by the time other countries develop and issue theirs. CBDCs are gaining traction from central banks globally as they look to catch up to the private sector in terms of digital currencies.
China proposes global rules for CBDCs
The Chinese government has proposed the establishment of a set of global rules for central bank digital currencies. The proposal includes deciding how they would be used around the world and other advanced issues like information sharing and monitoring.The development of central bank digital currencies (CBDCs) would allow apex banks globally to modernize their financial systems. This will make it easier for them to eliminate the need for stablecoins such as the Diem from Facebook. China is currently one of the most advanced countries in terms of CBDC development.
According to a Reuters report, Mu Changchun, the director-general of the PBOC’s digital currency institute, discussed the new proposals at a Bank for International Settlements seminar. Changchun highlighted the need for interoperability to be enabled between CBDCs.
He stated that “Interoperability should be enabled between CBDC (central bank digital currency) systems of different jurisdictions and exchange. Information flow and fund flows should be synchronised so as to facilitate regulators to monitor the transactions for compliance.”
Changchun added that the Chinese government is proposing the development of a scalable and overseen foreign exchange platform supported by DLT (distributed ledger technology like blockchain) or other technologies.
China leads the way in CBDC development
China wants to be the first among the advanced countries to issue a CBDC. The country is currently testing the CBDC in the real-world to determine its impact on the economy. Analysts believe that China’s push for a CBDC is also part of its agenda to internationalise the Yuan and reduce dependence on the USD-dominated global banking system.The European Central Bank (ECB) is also considering the introduction of a digital euro within the next five years. However, the Eurozone is yet to decide as it is getting opposition from Germany, the region’s largest economy.
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