As many countries are competing to see who will be the first to launch an effective working central bank digital currency (CBDC), China seems to be in the lead of this game. The country has carried out several trials of its digital yuan in different parts of the country.
The forced digitizations of nearly all industries worldwide makes traditional players adjust and set standards for innovative solutions. Thus, the G20’s Financial Stability Board (FSB) is set for developing a framework for adopting CBDC.
When released, China’s Central Bank Digital Currency (CBDC) might replace fiat yuan in circulation. At least, that was what Fan Yifei, the Deputy Chairman of the People’s Bank of China (PBoC), stated in his article published at Financial News local outlet.
The COVID-19 pandemic has changed the world a lot. The lockdown affected most global industries, having caused one of the biggest crises for the past decades. However, world financial experts predict the situation can become even worse and lead to the complete death of the US dollar.
As the idea of issuing the Central Bank Digital Currency (CBDC) is gaining traction worldwide, China makes practical steps to make their digital yuan release closer. Now, the country is going to expand its trials to test the CBDC potential on a larger scale.
The Ouhai police in Wenzhou, China, arrested 10 people belonging to a criminal gang running the Huobi Global Moving Brick Arbitrage HT Chinese Group Community scam project in Telegram. During the arrest, the police confiscated a luxury villa, cars, flagship smartphones, computers, as well as cryptocurrency totalling to over 100 million yuan.