Business
While the world dithers, China prepares to unleash a digital currency – Sydney Morning Herald
China’s development of a central bank-issued digital version of its currency is gathering pace and could pose a long-term threat to US dollar dominance.
The structure China envisages for a digital currency would see the PBOC issue yuan directly into the e-wallets of customers of state-owned banks, effectively cutting out the e-payments middlemen while preserving an intermediary role for its banks.
(One of the reasons other central banks have been more cautious about the introduction of digital currencies is a concern that it would disintermediate their financial systems and destabilise their banks if users could maintain their savings with a central…
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