It is quite clear from the recent events that the entire world is in a state of financial warfare. Among all other countries that are currently fighting for the supremacy of the digital currencies, China seems to be taking the lead.
While the majority of the countries from around the world strive to adopt the digital-currency flagship, China is already ahead of the race. It has already started adopting the digital currency and has set up plans to replace its fiat money in the coming decades.
China’s digital currency ‘Digital-Yuan’ is also referred to as Digital Currency Electronic Payment (DCEP) around the world. As per many financial analysts and economic experts, digital-yuan will soon be taking over the entire world.
The Chinese banking entity that is responsible for running all the operations related to digital-yuan is ‘The People’s Bank of China’. The People’s Bank of China is counted among some of the most advanced and tech-savvy central banks from around the world.
This is the reason why ‘The People’s Bank of China’ is making constant progress and developments in the digital-yuan sector. With its state of the art technology and ability to adapt to the crypto-blockchain technology, it is set to lead the entire world in digital-currency adoption.
Since the launch of the digital-yuan technology, the central bank is making constant developments while the story is not so well for the USA. The Federal Reserve of the United States has not been making enough progress and development when it comes to digital-adoption.
Even with such a reluctant maneuver from the United States’ end, there was still a chance for the USA because of Donald Trump’s ‘America First’ Policy. However, with Donald Trump’s defeat in the last presidential elections, China’s win with digital-currency supremacy has been cemented.
As per many economic specialists, although Donald Trump’s Government still had a policy around the digital-assets. This is not at all the case when it comes to Joe Biden’s Government. Therefore, it would take time for Joe Biden’s government to come up with a policy related to digital assets.
By the time, the United States’ Government comes up with the policy around digital-assets, China will be too far ahead of any other country to be caught up to.