Soft Launch of the Digital Yuan: A Shift Away From US Dollar?

On Saturday,China Construction Bank (CCB), one of the big four state-owned commercial banks, quietly opened up a wallet service for China’s CBDC to public users – but quickly disabled it after the feature gained widespread attention. The brief swarm to access the wallet shows the Chinese commercial bank has been working towards adoption for the digital yuan initiative, also known as DCEP, which is led by the People’s Bank of China (PBoC). The digital yuan has become a hot topic as data nationalism and fights over technology standards reign around the world.Q2 2020 hedge fund letters, conferenc…

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