China is pioneering the creation of a central bank digital currency that is likely to be the first of its kind. If China succeeds in implementing a digital renminbi, it could generate significant economic and political dividends for Beijing, at home and abroad.
In this episode, Dr. Kevin Desouza joins us to discuss China’s plans to create a national digital currency. Dr. Desouza explains Beijing’s underlying motivations for developing its own Central Bank Digital Currency (CBDC), and how it aligns with China’s broader goal to become a leader in technology and innovation. He highlights the key benefits of using digital currencies and the possible effects on the Chinese economy, as well as discusses the potential impact of COVID-19 on the roll-out of a CBDC in China.