The digital yuan was revealed by the People’s Bank of China [PBoC] weeks after Facebook unveiled their global digital currency Libra, and for those who thought China’s reply was aimed at the social media giant, think again. Major Chinese banks as well as global technology companies, like Tencent and Alibaba, were listed to support the CBDC project, spelling the size and scale of the project. As all things with China go, this digital currency project was more aimed at establishing itself in the global economic race, rather than to serve an internal administrative concern. Read the full article here
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