China Needs First Mover Advantage in Digital Currency Race: PBOC Magazine

FILE PHOTO: Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Reuters SHANGHAI (Reuters) – China needs to become the first nation to issue a digital currency in its push to internationalise the yuan and reduce its dependence on the global dollar payment system, a commentary published by the country’s central bank said. An article published in China Finance, a magazine run by the People’s Bank of China (PBOC), said the rights to issue and control a digital currency would become a “new battlefield” of competition between sovereign countries. Issuance and circulation of the…