China Is Using Digital Yuan To Build World-Wide Clearing Mobile Payments Network

2021-08-30 16:59:28

China is on the fast track to produce a world-wide clearing network for mobile payments via the Digital Yuan. According to the People’s Daily, China is already working on enrolling this digital yuan, settlement and international clearing network. Moreover, this only confirms the intentions of China to fully take control over the country’s crypto market.

Song Ke who serves as the deputy director of the Institute of International Monetary Studies at Renmin University, believes exactly that. More specifically, he states that integrating renminbi into every aspect of China’s economy is absolutely crucial. Especially when it comes to the country’s economic growth. In addition to calling the matter ‘inevitable’, considering China’s current financial rise.

China is already one of the more advanced countries when it comes to regulating crypto. Being that the country is conducting similar crypto-trials since early 2020. The entire project started with China using the digital yuan in state lotteries and specially designated shops.

And we must say that the demand was bigger than anyone expected. Consequently, in just over a year China managed to ‘gather’ an amount of nearly $5b CBDC transactions. This amount includes cross-border payments as well.

Despite these news being official, Chinese authorities still refuse to openly discuss the matter. Even more so since the Five Year Plan of the country openly shows ‘internationalizing’ of the national currency as a priority. As a result, many countries are constantly keeping an eye on the Asian giant and their crypto moves.

Especially the latest digital yuan mobile network project that China develops. Regardless of the public opinion, one thing remains a fact. And that is that China is definitely leading the race to become the first country to fully implement their own state-regulated cryptocurrency.

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