An emerging new currency competition channel via the digital yuan

The topic is time-relevant due to mass proliferation of digital currencies and clashes between the interests of government-owned (centralized) and privately owned (decentralized) systems of currency, and also due to the need for financial control over the money issue, use and circulation in the context of total digitization. The author researches the new direction of currency internationalization via a digital currency and digital payment systems as a supplementary element for stabilizing economic development, and particularly as a means of breaking through the regime of international sanctions. The article takes China’s yuan as an example to show the present-day trends in the development of the world currency system based on the digital currency of a central bank.

Keywords

digital yuan, currency competition channel, payment infrastructure, challenges of digitization in finance, currency internationalization, digital belt and road initiative, the area of currency collaboration, digital ruble, direct settlements, dollar- and yuan-centric monetary system

Received

20.06.2021

Publication date

22.06.2021

Number of characters

26575

Cite

GOST	Zharikov M. An emerging new currency competition channel via the digital yuan // Obshchestvo i ekonomika – 2014. – Issue 7-8 C. 61-72 [Electronic resource]. URL: https://oie.jes.su/S020736760015394-2-1 (circulation date: 16.04.2024). DOI: 10.31857/S020736760015394-2
MLA	Zharikov, Mikhail "An emerging new currency competition channel via the digital yuan." Obshchestvo i ekonomika 7-8 (2014):61-72. DOI: 10.31857/S020736760015394-2
APA	Zharikov M. (2014). An emerging new currency competition channel via the digital yuan. Obshchestvo i ekonomika (7-8), pp.61-72 DOI: 10.31857/S020736760015394-2

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