Chinese leadership in digitizing the national currency

Abstract

This study aims to highlight the role of Chinese experience in pioneering the digital financial revolution through the issuance of the digital currency of the central bank, and to highlight the reasons behind this. We used the descriptive analytical approach to identify the basic concepts of the central bank digital currency, strengths and weaknesses, determine the technical characteristics of the digital Renminbi, factor and reasons analysis for China's leadership in this financial technology. We finished this by showing the most important results, which are the availability of digital innovation and the data revolution. Outstanding Progress puts China in a good position to issue the first Central Bank Digital Currency (CBDC). And an acceleration of the implementation process by CBDC is due to be part of its push to internationalize the Yuan, reduce dependence on the dollar-dominated payment system, and blunt the impact of any sanctions or threats of exclusion both on a country and on a company