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According to The Financial Times, China is eyeing a yuan (aka renminbi) stablecoin for both internal and external use, but as even The Financial Times article makes clear, no one knows how it would work or why the Chinese Communist Party (CCP) is so keen to create one. While the piece does make clear that the CCP is “arguing that the success of dollar-backed tokens is cementing the US currency’s dominance in the global economy,” it fails to identify how a tightly controlled renminbi stablecoin could either exist or impede the continuing US dollar global hegemony over the financial system. Without getting into the lack of Chinese central bank independence or how the yuan has been structured to keep Chinese exports cheap, the yuan is a weird currency. This is to say that there actually exist two yuans: one for domestic use and one for offshore markets, and they trade at slightly different values (as of writing, CNY, or domestic yuan, trades at 7.189 per US dollar, while the CHN,...

The Chinese digital yuan is, at the time of writing, actually revolutionizing cross-border payments with remarkably fast transaction speeds of just about 7 seconds or so, which is directly challenging the traditional SWIFT system’s long-standing dominance in global finance. This central bank digital currency (CBDC) has now, as of recently, connected China to around 16 countries across Southeast Asia and also the Middle East, potentially allowing approximately 38% of global trade to bypass the old and established SWIFT networks and, of course, US dollar settlements. Also Read: Morgan Stanley and Charles Schwab Dive Into Crypto While Bitcoin Hits 97K How China’s CBDC, Blockchain, And SWIFT Race Reshape Finance The digital Chinese digital yuan, which is also sometimes referred to as e-CNY, currently offers significantly faster and, frankly, much cheaper cross-border transactions than the traditional methods we’ve been using for decades. While SWIFT transfers typically tak...

The Bank of Canada conducted research to understand how citizens would behave in a hypothetical cashless environment toward CBDC. The research paper analyzes the role of CBDC in the potential cashless scenario. The report showed that most Canadian citizens might have weak incentives to use CBDCs, as they don’t have barriers to accessing financial services. In other words, Canadian society has high levels of financial inclusion. According to the research, 98% of the population has a bank account, 87% holds a credit card, and 90% of rural and urban citizens have access to high-quality internet. The Bank of Canada explained that cash is vital to Canadian society. It added that money is needed as an offline payment method for potential emergencies, such as extreme weather or widespread power outages. The paper stressed the importance of the role of the Bank of Canada as the issuer of the traditional payment method, in other words, cash. Finally, the research paper explained s...

Cointelegraph analyst and writer Marcel Pechman explains how China’s economic weakness and Turkey’s interest rate hikes could impact the cryptocurrency market. On the latest episode of Cointelegraph’s  Macro Markets , analyst Marcel Pechman explores how Turkey’s recent interest rate increase might attract hundreds of millions of new crypto currency investors, and how China’s looming economic crisis could affect Bitcoin (BTC) and crypto globally. Turkey’s central bank has increased the interest rate by 6.5% to 15% in a dramatic attempt to fight inflation. The move comes as the local currency, the lira, dropped by 80% against the United States dollar in five years. According to Pechman, whether the U.S. dollar holds its dominant position as a global reserve currency doesn’t matter. Turkey and Argentina’s 70% inflation in 2022 are perfect examples of how decentralized cryptocurrencies might be the sole lifeguard for hundreds of millions — if not billions — of people who cannot save an...

The Nigerian president-elect wants to review existing SEC digital asset regulations to stimulate economic growth. Nigerian President-elect Bola Tinubu has recently released a manifesto that, if implemented, would enable the use of blockchain technology and Cryptocurrencies in the nation’s Banking and Finance sector . The manifesto suggests reviewing existing Security Exchange Commission (SEC) regulations on digital assets to make them more business-friendly. The new regulation provides a framework for regulating digital assets like cryptocurrencies and other digital tokens in Nigeria. The suggested regulations would require digital asset companies to register with the SEC and mandate that all digital asset offerings and investments comply with SEC regulations. Nigeria's President-elect, Bola Tinubu. In the manifesto, Tinubu said: “We will reform the policy to encourage the prudent use of blockchain technology in Banking and finance, identity management, revenue collection and ...