China’s announcement of a central bank digital currency before the rest of the world was a public relations triumph. according to andrew hammond, the ability of e-cny’s to challenge the dollar’s worldwide dominance is nearly non-existent. china has done an amazing job of using digital banking to increase financial inclusion; it’s simply that big chinese tech dominated early efforts. regulators will likely be delighted if the digital yuan succeeds in limiting alipay and wechat pay’s dominance, he believes.
the digital yen in japan is still in the works, but tokyo appears to be on track to implement it within the next few years. to compete with china’s e-cny, the bank of japan aims to develop its own digital currency. the adoption of a digital yen has the potential to increase the efficiency of japan’s payment and settlement systems. it would allow payments to be made outside of usual banking hours and offline.
only a month ago, south korea agreed to a trial, giving its cbdc tender to a subsidiary of super app kakao. seoul, like beijing, has understood that the central government has a greater role to play in the country’s digital financial future. interoperability with blockchains used by other cbdcs is critical in encouraging businesses and consumers to utilize the digital currency.
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