Digital yuan created for retail transactions, doesn't aim to replace the dollar
Digital yuan or E-CNY, the first digital currency to be issued by a major economy, has been designed for retail transactions and not to replace the US dollar, said Zhou Xiaochuan, president of the China Society for Finance and Banking, as per a report from China Daily. He further added that the entire model of digital currency aims to reduce the friction for merchants and people.
Digital yuan will only focus on retail transactions
Zhou said that he believes that the digital yuan will only focus on retail transactions and added that the People's Bank of China (PBOC) "conducted research and development of the e-CNY as a substitute for cash in circulation showing that the PBOC expects the use of the e-CNY to be primarily focused on retail payments, especially bringing more convenience to people with the help of internet and mobile internet terminals."Also known for being the former governor of the PBOC, Zhou spoke at the 2022 Tsinghua PBCSF Global Finance Forum on Saturday that the chances of digital yuan being used for cross-border payments cannot be considered nil "but I estimate that it will still focus on retail transactions, such as cross-border retail transactions," he said.
Zhou advised that third-part institutions should generate higher standards in order to participate in the digital currency pilot program and should not try to avoid these standards using dishonest means.
Not a weapon
Zhou revealed that the existence of the digital yuan is not a threat to the dominance of the US dollar and he also added that "if global financial payment or messaging systems slip into some kind of a Cold War pattern, it will bring damage to everyone." He stressed the usage of SWIFT as a weapon to impose sanctions on a nation by other nations and the increased chances of the victim nations finding alternative financial messaging channels to complete trades, bypassing SWIFT. In such a scenario, a lot of damage might be witnessed.Continue reading by joining Cryptonary Pro
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