China's Fintech Specialist Sees Digital Yuan Challenging US Dollar - iShares MSCI China ETF (NASDAQ:MCHI)

Richard Turrin sees China's nascent digital yuan challenging the U.S. dollar's dominance of international trade settlements in the next decade, CNBC reports.
Turin admitted that the world's second-largest economy was currently ahead in all financial technology by a decade while the U.S. would take "easily another five years" to get out of planning and trials for a potential digital dollar.
Also Read: China Steps Up Its Efforts To Counter Bitcoin Ahead Of Key Events As 'Digital Yuan' Lands On Apple, Google App Stores
The drive toward alternative payment systems to reduce the nations' 100% reliance on the dollar could reduce the dollar dependence to 80% or 85%.
The former banker and author of "Cashless: China's Digital Currency Revolution" admitted that the digital yuan could play a significant role in reducing the dollar's usage in international trade in the next 5-10 years.
Therefore, Beijing will not use the digital yuan to aid Moscow in bypassing the crippling sanctions imposed by the West to prevent political ramifications.

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