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China, about to deploy its most powerful and friendly virtual revolutionary yuan, is paving the way for the design of Bitcoin-like virtual currencies.
Governments around the world are struggling to stick to the nature of money conversion, Bitcoin announced just over a decade ago that it soared through Facebok last year.
Proposals for a Bitcoin encouraging cryptocurrency program in East Asia that chinese yuan, Japanese yen, South Korean won and Hong Kong dollar were presented this month at a meeting of the Chinese People’s Political Consultative Conference, a political advisory body.
The projects, developed through 10 advisory corps members, attracted attention due to the participation of notable figures such as Chinese center operator co-founder Cvacation and venture capitalist Neil Shen and Henry Tang, the former head of Hong Kong. secretary, according to a report by Nikkei Asian Review.
The regional cryptocurrency will be supported through the four currencies, although weighted according to their economic scale, with the Chinese yuan and the Japanese yen representing 60% and 20% respectively.
It is noted that the formula will create a network of cross-border payments to facilitate the attempt of foreign industry at a time when US-China relations are decisive and the United States is its dollar dominance to punish adverse countries.
Proposals are presented when China begins testing invoices in its new virtual currency in four major cities, local media reported beyond April.
Other countries around the world, adding Norway, Sweden and Japan, are running to digitize their own currencies.
China’s rapid expansion of its virtual currency program has led to urgent calls to drive the design of a virtual dollar.
However, the regulator’s intervention in Facebook’s planned Virtual Currency Balance suggests that it will serve as well as a virtual dollar equivalent.
The Facebook Pound Association, a collection organized through the large virtual currency of social media, unveiled revised plans in April to separate subsidized currencies through individual fiat currencies such as the dollar and the euro.
Meanwhile, underlining the challenge facing Donald Trump and the Federal Reserve, some economic analysts have begun to wonder whether the dollar would be able to maintain its position as the dominant reserve currency in the world.
“Faced with Washington’s ill-selected preference to decouple China’s finances, which will finance a country’s savings deficit that has, after all, lost its exorbitant privilege,” asked Stephen Roach, a professor at Yale University and beyond the president of Morgan Stanley Asia. a Bloomberg editorial.
“Like Covid-1 and racial unrest, the powerful dollar will throw too harsh madness at the global economic leader of a short-term U.S. economy.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported