The People’s Bank of China intends to outpace other countries and be the first to issue its digital currency (CBDC). Reuters reports, citing the regulator’s comments.
In the central bank’s view, the right to issue digital assets will become ‘a new battleground’ between states. Victory in the race would strengthen the yuan’s position on the world stage and break the dollar’s dominance.
‘China has advantages and opportunities in issuing a national digital currency. We need to accelerate to seize leadership,’ the bank said.
Earlier, the regulator named the digital yuan a legal tender, the acceptance of which cannot be refused by any company or individual.
Earlier, the Central Bank of the Bahamas planned to present its own digital currency in October.
For why central banks around the world are creating their digital currencies, read ForkLog’s exclusive.
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