The CBDC quest has continued soaring as many countries move to launch it. According to a CBDC tracker, Atlantic Council, 130 countries are exploring CBDC, while 19 countries out of the G20 are in an advanced stage. But while these countries are still in the process, 11 countries have fully launched it, of which China is one.
China started its CBDC test in April 2020 and the government first concentrated on 4 cities, Chengdu, Shenzhen, Suzhou, and Xiongan. Later, the digital yuan trial program expanded to other cities and even spread to the top 5 largest regions.
Since then, the CBDC, e-yuan, or e-CNY has seen impressive adoption following China’s efforts to push it. But recently, Circle CEO said China needs a Yuan-backed stablecoin more than a central bank digital currency.
Yuan-backed Stablecoins Are Better Than CBDC To Fasten China’s Currency Globalization, Jeremy Allaire
Circle is the crypto firm behind the USDC stablecoin pegged to the United States dollar. And the compa
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