Digital yuan doesn't pose a threat to the hegemony of the dollar, says expert
Cointelegraph
Published Aug 28, 2020 02:05PM ET
Updated Aug 28, 2020 03:40PM ET
Eswar Prasad, a professor of Trade Policy at Cornell University and a senior fellow at the Brookings Institution, believes that even though China’s digital yuan will enhance the renminbi’s role as an international payment currency, it will “hardly put a dent” in the US dollar’s status as the dominant currency.
In an opinion piece published in Project Syndicate, Prasad states that the Chinese government should keep reforming the country’s financial markets and remove restrictions on capital flow to put both China’s CBDC and national cross-border payments system in the global sphere to strengthen its adoption.
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Written By: Cointelegraph
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