"[...] We don’t have an ambition to replace existing currencies," said Zhou Xiaochuan, former PBC governor.
China’s national digital currency, formally known as the Digital Currency Electronic Payment (DCEP) will not seek to replace globally accepted fiat currencies like the dollar and the euro, said Zhou Xiaochuan, the former Governor of the People’s Bank of China. Zhou's words were reported in the South China Morning Post.
“If you are willing to use it, the yuan can be used for trade and investment,” he said, speaking at the Shanghai Financial Forum. “But, we are not like Libra, and we don’t have an ambition to replace existing currencies.”
However, the South China Morning Post reported that the country’s digital currency could act as a boon to cross-border trading with China and could “promote the yuan as an international currency.”
DCEP “Brings New Possibilities for Interconnection”
Indeed, Zhou said that “if the currency Exchange is realized at the moment of a retail transaction, and there is oversight of that exchange … it brings new possibilities for interconnection...the problem of cross-border remittances is easily resolved.”
Moreover, Zhou said that rather than challenging the regulatory frameworks of the foreign exchange and monetary worlds, China would instead focus its efforts on gradually persuading consumers and overseas merchants to accept digitally yuan Payments.
“Some countries are worried about the internationalization of yuan,” Zhou said. “We can’t push them on sensitive issues, and we can’t impose our will. We must avoid the perception of great power chauvinism.”
This approach stands in contrast to Diem’s (formerly Libra’s) approach to entering the world of international currency: Diem took the 'move fast and break things' approach that Facebook is famous for; China’s DCEP appears to be aiming for a softer touch.
DCEP Won’t Be Implemented for Widespread Use Until at Least 2023, Analysts Say
China’s DCEP has gone through two test programs in recent months, including one that was initiated in the city of Suzhou on Friday evening.
Finance Magnates previously reported that residents of China sent 20,000 transactions through e-commerce platform JD.com within the first 24 hours of a trial of the country’s digital yuan in the city of Suzhou.
Additionally, in October of this year, the city of Shenzhen issued 50,000 ‘digital red packets’ containing 200 yuan each during a one-week-long trial. As a result, 47,000 customers in the region spent 8.8 million digital yuan over seven days.
Still, it may be some time before the DCEP is used by the whole country. WeChat’s Cao Yin, who serves as the Managing Director of the Shanghai-based Digital Renaissance Foundation, told the Global Times that the digital currency may not be used on a massive scale until around 2023.
China’s national digital currency, formally known as the Digital Currency Electronic Payment (DCEP) will not seek to replace globally accepted fiat currencies like the dollar and the euro, said Zhou Xiaochuan, the former Governor of the People’s Bank of China. Zhou's words were reported in the South China Morning Post.
“If you are willing to use it, the yuan can be used for trade and investment,” he said, speaking at the Shanghai Financial Forum. “But, we are not like Libra, and we don’t have an ambition to replace existing currencies.”
However, the South China Morning Post reported that the country’s digital currency could act as a boon to cross-border trading with China and could “promote the yuan as an international currency.”
DCEP “Brings New Possibilities for Interconnection”
Indeed, Zhou said that “if the currency Exchange is realized at the moment of a retail transaction, and there is oversight of that exchange … it brings new possibilities for interconnection...the problem of cross-border remittances is easily resolved.”
Moreover, Zhou said that rather than challenging the regulatory frameworks of the foreign exchange and monetary worlds, China would instead focus its efforts on gradually persuading consumers and overseas merchants to accept digitally yuan Payments.
“Some countries are worried about the internationalization of yuan,” Zhou said. “We can’t push them on sensitive issues, and we can’t impose our will. We must avoid the perception of great power chauvinism.”
This approach stands in contrast to Diem’s (formerly Libra’s) approach to entering the world of international currency: Diem took the 'move fast and break things' approach that Facebook is famous for; China’s DCEP appears to be aiming for a softer touch.
DCEP Won’t Be Implemented for Widespread Use Until at Least 2023, Analysts Say
China’s DCEP has gone through two test programs in recent months, including one that was initiated in the city of Suzhou on Friday evening.
Finance Magnates previously reported that residents of China sent 20,000 transactions through e-commerce platform JD.com within the first 24 hours of a trial of the country’s digital yuan in the city of Suzhou.
Additionally, in October of this year, the city of Shenzhen issued 50,000 ‘digital red packets’ containing 200 yuan each during a one-week-long trial. As a result, 47,000 customers in the region spent 8.8 million digital yuan over seven days.
Still, it may be some time before the DCEP is used by the whole country. WeChat’s Cao Yin, who serves as the Managing Director of the Shanghai-based Digital Renaissance Foundation, told the Global Times that the digital currency may not be used on a massive scale until around 2023.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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