Digital RMB on the Fast Track

02/27/2023 10:38 • Blockchain Briefs • 108 views

It is reported that Li Lihui, the former president of the Bank of China, said at the “2023 Qingdao Jinjialing Financial Talent Conference” on the 26th that the digital RMB is on the fast track of development, while the progress of legal digital currencies in major overseas economies is relatively slow. In terms of improving the cross-border payment environment, the digital RMB should strive to dominate, which is conducive to promoting the development of inclusive finance.

Li Lihui: The digital RMB pilot is entering the fast lane

Analysis based on this information:

In the “2023 Qingdao Jinjialing Financial Talent Conference”, Li Lihui, the former president of the Bank of China, stated that the digital RMB is in the fast track of development while the progress of legal digital currencies in major overseas economies is relatively slow. This statement is significant as it highlights the Chinese government’s push towards the digitalization of currency.

According to Li Lihui, China is ahead of other countries in terms of digital currency development. This is evident from the significant amount of investment China has poured into researching and developing its digital currency. The release of the digital RMB, which is also known as the Digital Currency Electronic Payment (DCEP), is part of China’s strategy to reduce dependence on the US dollar and increase the internationalization of the yuan.

Moreover, Li Lihui stated that the digital RMB should strive to dominate cross-border payments, which will promote inclusive finance. This is essential for China’s global ambitions as it increases its currency’s availability and usage around the world. Additionally, the digital RMB’s appeal is due to its ability to reduce transaction costs, increase financial security, and improve efficiency.

Furthermore, the Chinese government is also utilizing its Belt and Road Initiative (BRI) to promote the adoption of the digital RMB. The BRI is a significant infrastructure project that aims to connect China with other countries in Asia, Europe, and Africa. The project includes building roads, railways, and ports, which will facilitate trade and promote economic development. By promoting the digital RMB, China can further strengthen its economic ties with countries participating in the BRI.

In conclusion, Li Lihui’s statement highlights the Chinese government’s commitment to digitalizing its currency and promoting its adoption. The digital RMB’s fast track of development reflects China’s intention to reduce its reliance on the US dollar and become a global economic superpower. If successful, the digital RMB could revolutionize the way currency is used and traded globally.

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Digital RMB on the Fast Track

Li Lihui: The digital RMB pilot is entering the fast lane

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