China’s new digital renminbi could shift the competitive balance of power between the country’s technology giants and traditional banks.
The new digital yuan could shift the balance between China’s banks and Big Tech firms, such as Ant Group’s mobile payments app Alipay. Credit: Markus Winkler, Creative Commons
NEW YORK – While many central banks are still investigating the possibility of issuing a digital currency, China has rolled out a digital currency via a series of pilot programs since last year. The eRMB (my term as opposed to the more awkward official DC/EP) by itself will not help the renminbi to challenge the U.S. dollar’s global dominance. Its true significance instead lies in its potential to alter the balance between China’s technology giants and traditional majority state-owned bank
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