China’s Pan-Asian Digital Currency Plan and the Push to Break Down USD Dominance KogoCrypto

News Snapshot:

During a recent meeting of Chinese legislators, one group proposed the creation of a local, regional digital currency. Referred to in the proposal as a “stable digital currency” — and in the media as the “East Asia” or “pan-Asian” digital currency — the proposed currency is aimed at facilitating cross-border transactions in the region. According to the proposal, it would be backed by a basket of four local fiat currencies: the Chinese yuan, the Hong Kong dollar, the Japanese yen and the South Korean won. The proposal, however, did not explicitly refer to blockchain as the underlying technology for the system. The context for...