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Why the Chinese “digital yuan” can be a threat to the dollar and cryptocurrencies

  • Fernanda Paul
  • BBC World News

Image source, Getty Images

Caption,

China aims to digitize the yuan, its national currency.

Hundreds of years ago, there was an invention that revolutionized world trade: paper money (or banknote).

This tool forever changed the way people exchanged their goods. Its origin is in China, where they called it “flying money”, and it is as old as the 7th century.

Today, it is this same country that is leading what appears to be a new revolution for the planet’s economy: the digital currency.

The government led by Xi Jinping began to implement the digital yuan in several cities in the country, including its capital Beijing, through the People’s Bank of China (PBOC).

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