by Andrew Fei King & Wood Mallesons’ New York office.
China’s central bank – the People’s Bank of China (PBOC) – has successfully completed a trial of a blockchain-based digital currency prototype system, taking it one step closer to becoming one of the first major central banks to issue its own digital currency. The PBOC also plans to officially launch a digital currency research institute. In light of these recent developments, this article explores the digitisation of China’s currency, the renminbi (RMB).
In recent years, RMB internationalisation has become a hot topic in finance circles and beyond. As China emerges to become a global leader in financial technology (fintech), the digitisation of the RMB could not only upgrade domestic and cross-border RMB payment systems, but also significantly accelerate internationalisation of the RMB.
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Source: China Law Insight