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Rise of sovereign digital currencies: domestic and global implications; Interest by central banks in issuing such currencies has partly been in response to greater competition from private cryptocurrencies.

Nov 18, 2020 - The Business Times Singapore

THE launch of a central bank digital currency (CBDC) in China has been much anticipated especially following the first public test of a prototype in four Chinese cities (Shenzhen, Suzhou, Xiong'an New District and Chengdu), as well as the recent release of the Draft Law of the People's Bank of China (PBC) on October 23, 2020 giving the currency legal status.

While the Chinese CBDC (which is formally referred to as Digital Currency/Electronic Payment or DCEP) will be unrivalled in terms of ...