Most notably, it will likely become the first major country to introduce a sovereign digital currency, which is being billed as a technologically-superior form of money. The answer (in my view) is that China is waging a digital currency insurgency on the global financial system, and specifically the primacy of the dollar. Although we still do not have a confirmed launch date for the digital currency, it appears to be soon. All of that may change if the digital yuan makes substantial headway, but for now it seems that the digital yuan will have some freedom to grow. By treating Chinese currency strategy as an insurgency, we have a better template to follow its progress.

Source: Forbes October 15, 2020 11:48 UTC