China has all chances to beat the United States in the digital space as it is likely to become the first country to launch its national cryptocurrency. The People's Bank of China has already called the crypto-renminbi a new battlefield of competition between the top global economies.
According to the regulator, the launch of the digital yuan will reduce China’s dependence on the US dollar and cause major changes in the existing international financial system. This is going to be a huge step towards the creation of the country’s own payment system, accelerating significantly the internationalization of the renminbi. "China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track," the article published in China Finance said. Moreover, the launch of the digital currency will help the Chinese authorities reach their main goal - to establish total control. Thus, with the implementation of the project, the Chinese policymakers will win absolute control over citizens’ financial operations. Before the invention of blockchain technology, Chinese communists could only dream about it.
The Chinese Central Bank underlines that China needs to become the first nation to issue a digital currency in its push to reduce its dependence on the global dollar payment system.
