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China and its CBDC

China and its CBDC
  • When it comes to cryptocurrency and specifically, central bank digital currencies, China seems to be the world's leader.
  • They are driving speculation around the country's domestic and international ambitions for its own central digital currency.

When it comes to cryptocurrency and specifically, central bank digital currencies, China seems to be the world's leader. They are driving speculation around the country's domestic and international ambitions for its own central digital currency. The head of the Asia-Pacific region for Ledger Vault, Glenn Woo recently spoke in an interview where he predicted that the state back to cryptocurrency for China would be the first to launch on a global scale. Woo said that the speed in which the government in China can deploy these major milestones can suggest that it is in its early stages for its CBDC. 19 companies have already been predicted to quickly grow in order to encompass a much larger pilot including Starbucks and McDonald’s. He further said:

“I believe when it does come, it’s going to be one of the first, of not the first, real CBDC with a real use case globally.”

Many analysts have given their view on China saying that it is looking to regain control of domestic payments through its central-bank digital currency. Woo estimates that more than 96% of small retail transactions will be processed either through AliPay or WeChat Pay. Nevertheless, he further explained that the growth of this to paint platforms was permitted by the central government of China and came in line with many goals of the regime. He further predicts that the CBDCs Will be implemented into existing digital payment rails and will cause little disruption when it comes to the Chinese economic world.

“From the retail user’s perspective, [you] wouldn’t necessarily know what has changed — it’s going to be the same,” said Woo. “They will still use WeChat, the super-app, to do a lot of different things — shopping, calling cabs, transferring money, you know, giving out the red packets during the holidays, and so on.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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