According to CNBC’s Financial Technology Consultant Richard Turrin, the Chinese central bank’s digital currency might challenge the dollar’s dominance this decade. He believes the e-yuan will eventually supplant its rival as the preferred currency in international trade transactions.
The Chinese government is well-known for taking a negative attitude toward private cryptocurrencies. Last year, authorities issued a comprehensive prohibition on all digital asset activities, as well as prohibiting monetary organisations and payment corporations from assisting crypto transactions. The country, on the other hand, has a completely different perspective on central bank digital currencies. Over the last few months, the world’s most populous country has launched a slew of attempts to popularise and mainstream the e-yuan.
According to Richard Turrin, a financial analyst at CNBC, China is “a decade ahead in all financial technology,” According to him, the United States will require at least five years to begin testing for a future digital dollar. The military situation in Ukraine and the punishing sanctions imposed on Russia were also discussed by CNBC’s experts. Despite the fact that several nations have declared economic war on Putin’s dictatorship and imposed sanctions on Russian banks and oligarchs, China has resisted.
However, according to Turrin, the Asian economic behemoth would remain impartial in the conflict and would not supply Russia with any additional financial assistance.
Read more: Is China’s Digital Yuan all ready?