The People’s Bank of China intends to overtake other countries and be the first to issue its digital currency (CBDC) reports Reuters with reference to the Central Bank comment.
According to the central bank, the right to issue digital assets will become a “new battlefield” between states. Winning the race will allow China to strengthen the yuan’s position on the world stage and break the dollar’s dominance.
“China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track,” the bank said in a statement.
China also needs to establish a new payment system network to break the dollar monopoly as a key part of the yuan internationalization, the article said.