China's Fintech Specialist Sees Digital Yuan Challenging US Dollar

  • 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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