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A number of central banks are creating and testing sovereign digital currencies amid #Covid19 crisis. The race among central banks to launch sovereign digital currencies is heating up. China has made considerable progress, with hopes of using its digital currency to help internationalize the yuan. China, the world’s largest mobile payment market, has been among the most vocal about digital currencies, with Beijing seeing it as an opportunity to further promote use of the yuan amid growing tensions with Washington. “Some central banks see [digital currencies] as a useful tool, especially to go fully cashless,” said Leonhard Weese, president of the Bitcoin Association of Hong Kong. He added “I assume that some central banks are more interested in these policy goals and monetary tools than others.” Bank of England governor Andrew Bailey said the central bank has been looking into the possibility of issuing a digital currency. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society,” Bailey was quoted by Bloomberg as saying in July. “I think in a few years’ time, we will be heading toward some sort of digital currency.” The US Federal Reserve has remained largely quiet over a digital US dollar. In February, when US Federal Reserve chairman Jerome Powell was asked by the US House Committee on Financial Services to discuss China’s progress with its national digital currency, he took a cautious tone on the idea of rolling out. We will see soon see which countries will be leading on this front to change the workings of outmoded structures of the societies for the betterment of the world human population as a whole amid growing disaster of the world pandemic. Read more on the development of Chinese Digital currency >> |