With its forthcoming digital yuan, China will aim to rival the US dollar, not Bitcoin, say experts.
Having learned what it needs from the cryptocurrency space and blockchain, China will aim to rival the US dollar, not Bitcoin (BTC), with its highly-anticipated digital yuan.
Matthew Graham, a veteran investment banker in China and the CEO of Beijing-based Sino Global Capital — analyzed what is known so far about the forthcoming digital currency and argued that the Chinese government sees new technologies as a “leapfrog opportunity” to chip away at the dollar’s hegemony.
Speaking with Boxmining founder Michael Gu at the Unitize conference on July 6, Graham said that even though it’s extremely difficult for China to internationalize the renminbi:
“Swift, CHIPS, Fedwire [...] they’re antiquated, they're expensive, they're slow.