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China’s cryptocurrency power play

Belt and road for the 21st century will be built on blockchain
China’s cryptocurrency power play
  • People's Bank of China a leader in central bank digital currency (CBDC) technology
  • Blockchain solutions will help give Communist Party oversight of financial system
  • Central banks in the West need CBDCs for when decentralized finance booms

China is rolling out testing of digital currency in Beijing and the financial centres of Shanghai and Shenzhen. Trials of 'e-renminbi' (eCNY) position the People’s Bank of China (PBoC) as a global leader in moves towards implementing Central Bank Digital Currencies (CBDCs).

Most central banks have approached solutions based on blockchain with caution. After all, distributed ledger technology is essentially about decentralisation. Still, those at the top of the financial system need to get ahead of trends like the decline of cash payments, booming cryptocurrency trading and the craze for non-fungible tokens (NFTs) which are taking blockchain mainstream.

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