In the case of introducing innovative digital currency, China left behind other countries, fast work on digital currency worldwide, research in 86% countries, testing continues in 60%
Facebook has also talked about bringing digital currency,
37-year-old Mi Yi goes to work in a finance company from a public transport service in central Beijing. Like other urban Chinese, they make all payments through smartphones instead of cash.
Impact Of Digital Currency On The World
A few weeks ago, Mi Yi left Ant Group’s Ali Pay mobile payment app and started playing with the Chinese currency Renminbi (RMB) digital wallet. The country’s Reserve Bank- People’s Bank of China has issued the wallet as a pilot project. This change in my daily life may soon become the way of money exchange for many people in the world. 60% of Reserve Banks of different countries are testing digital currency.
Mi Wallet deals with digital currency. It is not cryptocurrencies like bitcoin, ripple, ether outside the purview of the regulators. issued by the Government. By the way, due to digital currency, physical currency issued in the form of notes, coins will not disappear completely.
In today’s world approx Rs 3.71 lakh crore cash money is in people’s pockets, safe,s and banks. Digital currency will help governments to stop scams. Transfer of money, property to other countries will be easy.
It will be more useful in times of crisis. According to Michael Sung, director of the Fintech Research Center at Fudan University Shanghai, the digital currency will revolutionize the world’s monetary system.
China was quietly doing research on RMB since 2014. It started working fast after Facebook announced the introduction of digital currency – LINA in 2019. All countries were stunned by the announcement of a private company involving 33 percent of the world’s population affecting the international monetary system.
Last year, Federal Reserve chief Jerome Powell told a committee of the US Parliament that Liba had kind of warned that digital currency was on the way. Some banks are also active in the direction of digital currency. In April, JP Morgan and DBS announced their intention to form a wholesale digital currency clearing house in collaboration with Temasek, a Singapore-based state investment company. Some other such proposals are under consideration.
Preparing to Launch Digital Euro by 2025
- By 2027 The world is expected to have about 18 trillion rupees of assets in digital format.
- 2.80 million People are using digital RMB in China.
A survey by the International Settlement Bank, a Swiss organization that acts as the central bank of the Reserve Banks, indicated that 86% of the Reserve Banks are doing research on digital currency. Some 60% are doing RBI testing. The US Federal Reserve has not been able to form a definite opinion on this hypothesis.
“We want to introduce a digital euro by 2025,” says Christine Lagarde, head of the European Central Bank. According to some estimates, the Reserve Bank of India’s digital currency in three years will be available for 20% of the world’s population will be added inside. By 2027, there is a possibility of having assets worth Rs 18 lakh crore in digital form in the world. China is not the first country to introduce digital currency.
The Bahamas started Sand Dollar six months ago. However, China is the first major country to issue a digital currency. These 8 million people in China are using digital RMB. He has done seven crore transactions worth 39 thousand crore rupees.