China’s planned digital yuan will not dethrone the dollar, a top Securities and Exchange Commission official said on Thursday, citing the growth of so-called stablecoins backed by the greenback.
The world’s biggest central banks, including the People’s Bank of China and U.S. Federal Reserve, are stepping up work on issuing digital cash, eyeing improvements to payment systems and looking to pre-empt the rise of cryptocurrencies. read more
The PBOC’s work on a digital yuan – part of a push to internationalise the currency and reduced its – is far ahead of similar initiatives in other major economies.
That has led some analysts to question if…