China’s digital yuan could pose challenges to the U.S. dollar

CNBC

By Dain Evans – PUBLISHED SAT, JUL 24 20219:00 AM EDTUPDATED SUN, JUL 25 20215:11 AM EDT

China is beating the U.S. when it comes to innovation in online money, posing challenges to the U.S. dollar’s status as the de facto monetary reserve. Nearly 80 countries — including China and the U.S. — are in the process of developing a CBDC, or Central Bank Digital Currency. It’s a form of money that’s regulated but exists entirely online. China has already launched its digital yuan to more than a million Chinese citizens, while the U.S. is still largely focused on research.

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