China wants to reboot the monetary sovereignty with its own digital currency also known as Digital Renminbi, Reuters has learned.
Backed by the People's Bank of China (PBoC), China Finance, has published an article in which described China's plan on how to displace the US dollar from a leading position on monetary battlefield.
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According to the article, China "has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track."
The regulator believes that improved data feedback from the CBDC will improve the communication of monetary policy data that supports economic recovery in the post-pandemic era.
The article highlights that China should create a new network of payment systems in order to break the US dollar monopoly.
Moreover, the bank's digital currency research unit has reportedly filed over 100 cryptocurrency-related patent applications.
China's central bank announced its own digital currency back in October 2019. The bank's Deputy Governor has already highlighted that the regulator will obligate accepting the digital yuan as legal tender in China.
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