{"id":100012,"date":"2020-10-29T04:18:15","date_gmt":"2020-10-29T01:18:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/digital-yuan-will-combat-us-dollarization-says-former-pboc-governor\/"},"modified":"2020-10-29T04:18:15","modified_gmt":"2020-10-29T01:18:15","slug":"digital-yuan-will-combat-us-dollarization-says-former-pboc-governor","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/digital-yuan-will-combat-us-dollarization-says-former-pboc-governor\/","title":{"rendered":"# Digital yuan will combat US ‘dollarization’ says former PBoC governor"},"content":{"rendered":"

“# Digital yuan will combat US ‘dollarization’ says former PBoC governor <\/strong>”
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China\u2019s digital currency app<\/a>roach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official.<\/p>\n

Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People\u2019s Bank of China (PBoC), told<\/a> attendees at a Eurasia Forum conference on Oct. 27 that the central bank\u2019s focus in creating a digital currency differed considerably from that of the countries in the Group of Seven \u2014 Canada, France, Germany, Italy, Japan, the U.K., and the U.S. <\/p>\n

According to Xiaochuan, the G7 was mainly concerned with \u201cthe challenges raised by Libra, Bitcoin, and similar digital encrypted currencies,\u201d while China\u2019s central bank was focusing on using its digital currency for retail payments domestically and preventing the U.S. dollar from becoming a more common medium of exchange in the country.<\/p>\n

\u201cIn China, we\u2019ve [been working] very hard to push the DCEP \u2014 that’s the digital currency \u2014 and the electronic payment,\u201d said Xiaochuan. \u201dHowever, the focus and the major point of our concept and the content are different from the G7 principle.\u201d<\/p>\n

\u201cWe [need] to prevent dollarization. This is one of the major designing points of the Chinese DCEP.\u201d<\/p><\/blockquote>\n

Countries representing the world\u2019s largest economies have openly expressed their concerns regarding the launch of Facebook<\/a>\u2019s Libra project, calling it a threat to the global financial system. In a draft of a statement released on Oct. 12, the G7 members said they would initially oppose any global stablecoin project without appropriate regulatory oversight.<\/p>\n

Officials at Canada\u2019s central bank have reportedly been preparing their own CBDC if Libra were to get blocked by regulators. Today, Bank of Canada Governor Tiff Macklem stated<\/a> that central banks needed a \u201cglobally coordinated\u201d strategy in developing a digital currency to prevent misuses by criminals. <\/p>\n

China\u2019s central bank recently launched a pilot program to test its digital yuan by giving away $1.5 million to 47,500 people in the city of Shenzhen. Though the CBDC has not been officially released by The People\u2019s Bank of China, it recently drafted a law providing regulatory framework and legitimacy to the digital currency. The law is open for public consultation until Nov. 23. <\/p>\n<\/div>\n

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For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Digital yuan will combat US ‘dollarization’ says former PBoC governor ” China\u2019s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official. Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People\u2019s Bank of China (PBoC), told…<\/p>\n","protected":false},"author":1,"featured_media":100013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/11e29709-5f4e-44c9-8efa-391c3c5c4a03.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75494,75049,75057,4973,70934],"class_list":["post-100012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-libra","tag-peoples-bank-of-china","tag-yuan","tag-china","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=100012"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/100013"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=100012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=100012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=100012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}