China Should Seize the ࢀ˜First Moverࢀ™ Advantages of Launching A CBDC: PBoC

China should aim at becoming the first country to issue digital currency as part of its efforts to internationalize the yuan and lessen its over-dependence on the worldࢀ™s dollar-dominated payment system, the Peopleࢀ™s Bank of China (Chinese central bank) said. The commentary appearing in China Finance, a Peopleࢀ™s Bank of China run magazine, opined that the rights and capacity to offer and control digital currencies is set to become the ࢀ˜new battlefieldࢀ™ among various sovereign nations. The article also claims that issuance and the circulation of virtual currency will alter the current international financial system. The article argues that China…