Digital RMB’s Dominance in Improving Cross-border Payment and Inclusive Finance
It is reported that Li Lihui, the former president of the Bank of China, said at the “2023 Qingdao Jinjialing Financial Talent Conference” on the 26th that the digital RMB is on the fast track of development, while the progress of legal digital currencies in major overseas economies is relatively slow. In terms of improving the cross-border payment environment, the digital RMB should strive to dominate, which is conducive to promoting the development of inclusive finance.
Li Lihui: The digital RMB pilot is entering the fast lane
Analysis based on this information:
The former President of the Bank of China, Li Lihui, expressed his positive outlook on the fast-tracked development of China’s digital RMB during the “2023 Qingdao Jinjialing Financial Talent Conference” on the 26th. According to him, while major overseas economies have been slow in the progress of legal digital currencies, China’s digital RMB is paving the way for cross-border payments, a crucial aspect of improving the inclusive finance environment.
The digital RMB is a new form of currency issued and backed by the Chinese government’s central bank, the People’s Bank of China. Despite being younger than other digital currencies like Bitcoin and Ethereum, the digital RMB has gained significant momentum both in the domestic and international markets. Companies like Ant Group and Tencent have already integrated digital RMB into their payment systems, while transactions worth millions of dollars have been conducted using this currency.
Comparatively, other world economies have been rather slow on the progress of their legal digital currencies. Countries like the United States, Canada, and the United Kingdom have yet to launch a central bank digital currency (CBDC), while others like Sweden and Norway have been working on the launch of their e-krona and e-Norwegian krone, respectively, for years.
The delay in the progress of legal digital currencies by overseas major economies can be attributed to legal and regulatory issues, technological challenges, market and user acceptance, and the need to maintain monetary and financial stability. Nonetheless, the digital RMB’s dominance in advancing cross-border payments can help accelerate progress in the development of digital currencies.
The digital RMB’s promotion of cross-border payments is beneficial in developing an inclusive finance environment, where financial services are easily accessible and affordable to all. As cross-border payments become more efficient, more people can participate in the global economy, reducing financial exclusion and promoting economic growth.
In conclusion, Li Lihui’s perspective on the digital RMB’s fast-tracked development and potential dominance in cross-border payments is not only promising but also reinforces the inclusivity goal of the digital currency. While the slow progress of legal digital currencies in other major economies might cause delays, the digital RMB can act as a model for other countries to accelerate their progress towards successful digital currency implementation.
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