Digital currencies updates
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With the summer Olympics in Tokyo winding down, preparations are stepping up for Winter Olympics in Beijing in February. These will ring the starting bell on a much bigger international contest than downhill skiing.
China plans to stake an early territorial claim in the new world of central bank digital currencies. It will give foreigners their first real chance to make payments using electronic renminbi issued by the People’s Bank of China.
Any bankers among the visitors may a feel a chill that sub-zero weather cannot be blamed for. Central bank digital currencies could disrupt their industry significantly.
New forms of digital currencies promise to be easy and cheap to hold and exchange. That gives them potential to rock the power bases of conventional national currencies.
China’s long-running project to…