shufti_logoshufti_logo
  • Products

  • Solutions

  • Explore

  • Company

  • Pricing
burger-menu burger-menu-close

us

216.73.216.187

China’s Digital Currency Could Be Launched ‘Quite Soon’

chinas digital currency

Within the next 6 to 12 months, China could launch its own digital currency which may become a challenge to US dollar’s global dominance, says fund manager Edith Yeung. 

The Chinese government has been studying and examining the possibility of launching its own digital currency in the past few years. It has also identified entities for a possible roll-out said Yeung who is a partner at blockchain-focused venture capital fund, Proof of Capital.  

Yeung talked to CNBC’s Arjun Kharpal and Christine Tan at the CNBC’s East Tech West conference in China on Wednesday. She said, “It’s really been something (that’s) been in the works for the last few years.” 

When asked how soon could the idea of virtual yuan become a reality, she said it could be ‘quite soon’. She further added, “So I think definitely within the next six to 12 months.” 

China has recently become very interested in blockchain; the technology that supports cryptocurrencies such as Bitcoin. President Xi Jinping is looking forward to China taking a lead in the technology

Wendy Liu, Head of China strategy for UBS, an investment banking company, said that there was an increased willingness of the Chinese people to back blockchain and 5G technologies. This is because these technologies are key to facilitate and manage commerce in one of the most populous countries in the world. Liu said, 

“Due to its own needs, (China) is going to push in that direction and you see this willingness to back these technologies more so than anywhere else.” 

Related Posts

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started