China will become the first global central bank to issue a digital currency, securing their place in the future.
As part of their CBDC pilot program, "The People’s Bank of China (PBoC) has processed over three million transactions—worth 1.1 billion yuan ($162 million)," which could "allow banks to improve cross-border payments," according to reports.
Why is this a big deal?
In addition to possibly improved cross-border payments, as noted above, it could also push other countries to explore a digital currency of its own, something the U.S. has already started to explore. Global adoption and enthusiasm like this could send cryptocurrency markets to the moon and beyond.
After all, cryptocurrency markets saw a massive rally after China's President Xi Jinping merely endorsed blockchain and digital asset tech just last year.
Imagine what could happen when they finally start using it?
With the rest of the world racing toward digital assets, beat them to the punch and consider finishing your account now. | |
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