China is the only major economy that has a cbdc in use: the digital yuan, or e-cny. non-chinese individuals and corporations must decide what role, if any, role it will play in their lives, according to jelena zhenqin. the e-cny will no longer be restricted to chinese citizens or domestic firms, according to china’s central bank.

china’s e-cny system could be “programmable” money, such as digital currency that can vanish after a set length of time. what the government can and should do with this new form of money is uncertain. according to the chinese central bank, it collects less transaction data than regular electronic payments.

there are fears that china would utilize the digital yuan to supplant the US dollar as the world’s reserve currency, giving beijing more financial clout over other nations. according to li xueqin, the dollar’s and yuan’s key strengths and shortcomings are more institutional than technological.

china may have enough clout to persuade countries to embrace e-cny for seamless payments, particularly those with closer economic links but less bargaining strength. the growth of other cbdcs may also bring more international transactions closer to central banks’ state power.

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