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China's digital yuan could soon challenge the dollar in international trade

China's digital yuan is set to challenge the dollar's domination of international trade settlements in the next decade, according to Richard Turrin, author of "Cashless: China's Digital Currency Revolution."

Turrin said in an interview: "Remember, China is the largest trading country and you're going to see digital yuan slowly supplant the dollar when buying things from China. If we go about five to 10 years out, yes the digital yuan can play a significant role in reducing the dollar's usage in international trade.”

The drive toward alternative payment systems is likely to come from a desire by nations to reduce their current, ‘mostly 100%’ reliance on the dollar, he said, adding: "What you're going to see in the future is a rollback, a risk management exercise that seeks to slowly and maybe just slightly reduce the dependence on dollar, from 100% down to 80%, 85%.”


Source: cnbc.com



Photo source: Dreamstime.com


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