China is looking to expand the dignity yuan amid possible monopoly of the fixed US dollar: Report
It is said that the deputy director of the National Laboratory for Finance and Development in China says that the country should expand Yuan’s digital scope as President Trump embraces encrypted currencies.
In an opinion article published in the official Chinese publication, study times, Zhang Ming He says Stablecoins, which is based on the US dollar, dominates the space of the digital currency and will enhance the global currency monetary.
“Once the US dollar is linking the international credit to the US dollar more closely with the application scenario of the virtual world, it may largely enhance the dominance of the US dollar.”
Last week, President Trump said that the dollar -backed Stablecooins would help maintain the US dollar as the best Fiat currency in the world. The Congress also called for the passage of legislation that involves stablecoins and the market structure.
To face Trump’s moves to strengthen the superiority of the US dollar, Zhang urges his nation to expand the yuan digital coverage in terms of assets and access.
“Expand the Renminbi) RENMINBI (Cash Plus Demide Proves) or even M2 (Cash Plus) all the deposits as soon as possible. Only by upgrading the digital RMB dignity range from M0 to M1 or even M2, we can expand the range of the digital RM application comprehensively.
The other planned initiative is the intensification of Chinese Stablecoins development.
“Expand the use of digital codes on the Internet platform and integrate better between the sovereign credit of the RMB and the scenario of the global application of the Chinese platform. As long as the design and risk prevention are appropriate, expanding the use of digital codes on these platforms can greatly expand the international monetary status of the RMB to meet the challenges facing the pin in US dollars.”
According to Zhang Ming, China and other countries must export its FIT -backed encryption to prevent the United States from controlling the digital markets and digital assets.
“The prosperity of various digital currencies is naturally better than the US dollar, monopolizes the path of developing digital currencies.”
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