The Fast Development of Digital RMB vs. Slow Legal Digital Currencies Overseas
It is reported that Li Lihui, the former president of the Bank of China, said at the \”2023 Qingdao Jinjialing Financial Talent Conference\” on the 26th that the…
It is reported that Li Lihui, the former president of the Bank of China, said at the “2023 Qingdao Jinjialing Financial Talent Conference” on the 26th that the digital RMB is on the fast track of development, while the progress of legal digital currencies in major overseas economies is relatively slow. In terms of improving the cross-border payment environment, the digital RMB should strive to dominate, which is conducive to promoting the development of inclusive finance.
Li Lihui: The digital RMB pilot is entering the fast lane
Interpretation of the news:
Li Lihui, the former president of the Bank of China, made a statement at the 2023 Qingdao Jinjialing Financial Talent Conference on the 26th of August concerning the current status of digital currencies. He reported that the digital RMB, which is China’s sovereign digital currency, is on the fast track of development. Meanwhile, the progress of legal digital currencies in major overseas economies is relatively slow.
The digital RMB is a sovereign digital currency backed by the Chinese government. It is currently being tested in various regions in China and is expected to be officially launched soon. The digital RMB is based on the same technology as cryptocurrencies, but it is not a cryptocurrency, and it operates within the formal banking system under the control of the central bank. It is designed to improve the efficiency and security of financial transactions while reducing cash usage.
On the other hand, legal digital currencies in major overseas economies, such as the US, Japan, and Europe, are progressing slowly. This slow development could be attributed to regulatory hurdles, technical complexities, and the lack of a clear strategy for digital currencies.
Li Lihui suggested that improving the cross-border payment environment is another area where the digital RMB should strive to dominate. The dominance of the digital RMB in cross-border payments will help promote the development of inclusive finance, which is a significant initiative of the Chinese government. Inclusive finance refers to providing financial services to underprivileged individuals and communities that have little or no access to traditional financial services.
In conclusion, the rapid development of the digital RMB and its potential to dominate cross-border payments will benefit the Chinese government’s initiatives towards promoting inclusive finance. Meanwhile, the slow development of legal digital currencies in major overseas economies indicates that these economies need to accelerate their efforts to embrace digital currencies to remain competitive in the global financial landscape.
Keywords like the digital RMB, legal digital currencies, cross-border payment, inclusive finance, and development are vital concepts to understand China’s current status in the world of digital currencies. The message highlights China’s proactive efforts to promote its digital sovereignty while also emphasizing the need for other countries to ramp up their development strategies.
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