China’s Big CBDC Plan: Digital Yuan For Europe Trade
China’s Belt and Road initiative, the project aimed at improving regional co-operation through better connectivity, is one of the most ambitious infrastructure plans globally. While the initiative is purely physical and involves improving road connectivity, the country’s digital infrastructure plans for cross border trade could change the face of international payments in the commercial space. This is because the initiative connects stakeholders from around 150 countries.
Also Read: Binance Adds Bitcoin, Shiba Inu, Dogecoin, Stablecoins To Liquid Swap
Digital Yuan For China’s Belt And Road Initiative
China’s logistics hubs just began promoting the digital Yuan (e-CNY) for usage in cross border trade, as per a report in the South China Morning Post. This could be huge as the Belt and Road initiative was in 2022 already covering 30% of the country’s import export global trade. Hence, this could be seen as potentially largest digital currency usage project so far globally. Earlier, CoinGape reported that India’s central bank, the Reserve Bank of India (RBI), began implementing the digital rupee pilot for settlement of secondary market transactions.
Xuzhou, a well connected city in China’s Jiangsu, laid out a plan to promote the digital Yuan for trade purpose in 21 countries across Europe and Asia, besides taxes and utility services. The city’s authorities said the larger plan is to support the Belt and Road Initiative with e-CNY. Another city, Changshu, will pay government employees using digital Yuan.
However, this may not help the cause of crypto market as the central bank digital currency (CBDC) projects operate outside the blockchain ecosystem. In fact, the CBDC market could potentially hamper cryptocurrency space both financially as well as in regulatory aspect.
Also Read: Binance Adds Bitcoin, Shiba Inu, Dogecoin, Stablecoins To Liquid Swap
- Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff
- Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally
- Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action
- Grayscale Staking Ethereum ETF Debuts By Locking 32,000 ETH But Inflows Disappoint
- Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
