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China’s Digital Yuan Is No Threat to US Dollar, Says Bank of Japan Official: Report
“The dollar’s status as the key global currency won’t change so easily,” BOJ’s head of payments told Bloomberg.
The head of payments for the Bank of Japan (BOJ) has dismissed the possibility that China's digital yuan could undermine the U.S. dollar's status as the world's reserve currency, according to a Bloomberg report.
STORY CONTINUES BELOW
- “The dollar’s status as the key global currency won’t change so easily,” Kazushige Kamiyama was quoted as saying. “In fact, the dollar’s advantage may strengthen further if the U.S. goes with digitalization.”
- On Sunday, the publication reported the Biden administration is troubled by the long-term effects a digital yuan may have on the dollar’s status.
- U.S. officials have been ramping up their efforts to understand how the digital yuan will be distributed and how it may impact trade sanctions.
- So far, China is leading major nations in the development of a central bank digital currency (CBDC), with the People's Bank of China (PBoC) making rapid progress through pilot projects.
- Recently, PBoC Digital Currency Research Institute Director Mu Changchun openly discussed the digital yuan and the need to address privacy issues.
- On April, 5 the BOJ announced it had kicked off the first phase of experimenting with its own CBDC.
Read more: BOJ Starts Central Bank Digital Currency Experiments
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
