China is years ahead of other major countries in the development of its digital yuan, giving Beijing the chance to expand its influence: Chainalysis
Chinais several years ahead of other countries in developing a central bank digital currency, Ulisse Dell'Orto of Chainalysis told CNBC Monday.
- "We haven't seen a national roll out" like we have seen in China, Dell'Orto said.
Cryptois still a barrier to the digital yuandespite China's crackdown that grew in May.
China is several years ahead of other major economies in its efforts to develop a central bank digital currency and, in doing so, could increase its global influence, Chainalysis executive Ulisse Dell'Orto told CNBC in an interview Monday.
Dell'Orto, who is managing director of Asia Pacific & Japan at data platform Chainalysis, spoke about how China's efforts to turn its legal tender to a "computer code" means it's on track to widely roll out a digital version of its currency any minute, while other countries like the United States or the United Kingdom are still in the very early stages of exploring official digital coins of their own.
"The rapid deployment of the digital yuan will basically enable China to expand its global influence. They have been pioneering CBDCs, leaving some of the largest powers in the world several years behind," Dell'Orto told CNBC.
China is the only developing nation that has released a national rollout of their own central bank digital currency (
In parts of Europe, like Switzerland and France, there have been some digital currency pilots, as well as a number of initiatives across southeast Asia. The Bahamas, for example, has already issued a CBDC - named the Sand dollar.
CBDCs are a digital form of a central bank's national currency that could offer users a safer, centralized alternative to standard
The rise in popularity of cryptocurrencies, which are decentralized and not subject to any government or authority, afford their users a degree of flexibility and anonymity.
Dell'Orto said a digital yuan could facilitate trade between China and many of its international trade partners, such as those involved in its so-called "Belt and Road" infrastructure program - a multi-billion dollar project aimed at connecting trade routes between China and over 100 other countries by land and sea.
"If we're only simply looking at the
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