United

Bank AI

Coin

<ul class="news-points"> 
 <li>China’s latest project threatens the US dollar’s dominance over foreign exchange flows.</li> 
 <li>Critics expressed concern over evading sanctions, taxes, and rules on money laundering.</li> 
 <li>The US government is said to be confident in the dollar’s dominance, and there’s little reason to be alarmed.</li> 
</ul> 
China’s newest <a href="https://coinedition.com/what-is-blockchain-everything-you-need-to-know/" rel="noopener noreferrer nofollow">blockchain</a> project challenges the US dollar’s dominance of global money, and daily foreign exchange (FX) flows. The project “mBridge” could make it easier for China’s yuan to be used as a dollar alternative by enabling its digital form to settle large corporate transactions, according to Bloomberg. 
MBridge is the third phase of a multi-CBDC (<a href="https://coinedition.com/what-is-central-bank-digital-currency-cbdc/" rel="noopener noreferrer nofollow">Central Bank Digital Currency</a>) initiative for cross-border payments that began in 2019 and will likely have a basic working product by the end of 2023. The project was developed by the BIS Innovation Hub Hong Kong Center, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates. 
Currently, the dollar features in an estimated $6.6 trillion of daily foreign exchange transactions, according to the Bank … 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/chinas-blockchain-based-project-threatens-us-7t-dominance/">China’s Blockchain-based Project Threatens US $7T Dominance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

China’s Blockchain-based Project Threatens US $7T Dominance

Coin Edition

Autres articles publiés le 9 août 2023

Russia to start real-world tests for digital ruble

Gemini Expressing Excitement About XRP

LFi Introduces CloudX Minting: A Revolutionary System for Minting LFi Tokens

PEPE Coin Eyes 'Comeback' As 12% Rise Triggers Speculation

PEPE Investors Buzzing As Mystery Investor Splashes $1,000,000 on Jaw-Dropping 807B Coins Post-Surge

PEPE Successfully Recovers Despite All Odds

Join our free newsletter for daily crypto updates!