It’s Official: China’s Digital Yuan To Target US Dollar Dominance

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The central People’s Bank of China (PBoC) confirmed that it is ready to take center-stage on a “new battlefield” of competition between sovereign nations based on digital fiats – and claims its own new token could help break “dollar dominance.”

The PBoC has been relatively cagey about its digital yuan project, which is already in advanced testing stages, but permitted itself a rare opportunity to discuss the importance of central bank digital currencies.

Per Reuters, the PBoC stated, in an official mouthpiece publication, that the “issuance and circulation of the [digital yuan] would bring great changes to existing international finance.”

The bank added,

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