China to introduce a digital currency to break monopoly of US dollar
Monitoring Desk :
China wants to break the monopoly of the US dollar on the global financial system. It’s hoping a digital currency could deliver. After years of preparation, the country began rolling out an ambitious test of a digital version of the yuan earlier this year. Pilots exist now in four Chinese cities, where transactions totaling more than 2 billion yuan ($300 million) have already taken place.
If the program is expanded nationwide, China would become the most powerful economy yet to offer a national digital currency, beating a forthcoming digital version of the euro from the European Central Bank.