The experts point out that in order for the digital yuan to gain global adoption, China needs to work with commercial societies or regional financial centers.
As part of an impetus to internationalize the yuan, China has been trying its digital currency all over the world where it can trade freely with other fiduciary currencies. Pekín is also establishing a legal mark for the cryptocurrencies of the central banks, the CBDC, with global financial regulators.
“There are digital monitors from the central bank developed in various platforms, such as the Corda or Hyperledger business blockchain, and the digital yuan is technically not a blockchain”, said Michael Sung, co-director of the Fintech University Research Center. of Fudan of Shanghai, quoted by CoinDesk. “It is a very balanced ecosystem”.
The experts claim that in order for the digital yuan to gain global adoption, China needs to work with commercial societies or regional financial centers. Eso ayudará a tener una platforma donde el yuan digital sea technical, legal and financially interoperable with digital coins of other countries.
One of its platforms is Inthanon-LionRock (Opmerking), a central bank cryptocurrency project for cross-border payments initiated by the Hong Kong Monetary Authority and the Bank of Thailand.
Also Thai banks and Hong Kong banks, including HSBC, participate in the Let op project and test the viability of transactions based on digital currencies between Thailand and Hong Kong. The project has the objective of helping central banks with transfers of cross-border funds, the liquidation of international trade and capital market transactions.
“The Note project is very emblematic of China’s focus on internationalizing the digital yuan,” said Tavni Ratna, Executive Director and Founder of ThinTank Policy 4.0. “China could negotiate with a central bank over time and create a mechanism for everything, from a legal market to the type of exchange between the two months”.