How China’s digital currency push can boost fintech and the yuan’s global presence


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Bitcoin recently shot past a market capitalisation of US$1.1 trillion, reigniting discussion about the future of digital currencies and stores of wealth. I should first say that I do not classify most forms of popular cryptocurrencies as a traditional currency. There are three main reasons for this. They are way too volatile to be considered a standard of value, they cannot be easily bought or sold, and they cannot be easily used to pay for everyday goods and services. There is, however, a digital currency that meets these requirements that is starting to gain traction – the digital yuan ....