• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Nexo

China Sets the Stage for Central Bank Digital Currencies, Proposing Global Rules for Nations

San Lee by San Lee
1 year ago
in News
0
Advertisement

China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been a growing need to digitize legacy financial infrastructure. With the threat of cryptos toppling fiat’s power also looming closer, central banks around the world have begun to develop their own CBDCs. 

Mu Changchun, the director-general of People’s Bank of China’s digital currency institute, laid out the new proposals at a Bank for International Settlements seminar. “Interoperability should be enabled between CBDC systems of different jurisdictions and exchanges. Information flow and fund flows should be synchronized to facilitate regulators to monitor the transactions for compliance,” he said.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In short, the director-general suggested that sovereign digital currencies must be intricately connected with one another, if CBDCs are to play a role in facilitating global trade. Citing regulatory reasons, Mu also stressed the need for a seamless data network shared between nations. This would likely be necessary to accurately keep track of digital footprints left behind by inflows and outflows. 

U.S. Falls Behind China in Innovating towards the World’s First Central Bank Digital Currency

China is without a doubt leading the CBDC race, as the state has already begun testing with pilot programs across its many provinces. Since banning the trading of cryptocurrencies in 2017, the country has made great progress in experimenting with a sovereign, state-backed digital currency. Earlier this year, Beijing residents received $1.5 million dollars worth of Yuan through its early-stage CBDC program. Since then, China has continued to experiment, now allowing commercial banks to provide digital wallets to Shanghai residents. 

If China is successful and is the first to issue a CBDC, the “digital” Yuan may become more favorable for international trade and payments — further chipping away at the Dollar’s status as the de facto currency of world trade. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

It remains to be seen how the United States and other major countries will react to such news. The U.S. Federal Reserve has only started to entertain the idea of a CBDC, as it promised to survey the public for feedback later this year. Without speeding up its processes, it seems likely that the U.S. will lag far behind China in future innovation.

Featured image by UnSplash
What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
San Lee

San Lee

Related Posts

Elon Musk

Elon Musk To Twitter: Let’s Do A Public Debate On Bots!

2 weeks ago
Barcelona

Barcelona FC And Socios.com Sign $100 Million Deal For Web3 Push

2 weeks ago
digital payments

 Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments

2 weeks ago
Ethereum

Ethereum Creator Says Facebook’s Metaverse Attempt Will Fail

3 weeks ago
Axie

Axie Infinity CEO Denies Claims Of Insider Trading; Game Token’s Value Down To Zero

3 weeks ago
Miami

Miami Boosts Crypto Image With Release Of 5,000 NFTs With Mastercard, Time And Salesforce

3 weeks ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.