Investment bank Goldman Sachs predicts that in 10 years the digital yuan will account for 15% of all electronic payments in the world.
According to economists in recent report, By 2030, the number of registered users of China’s national digital currency will reach one billion. By that time, 1.6 trillion yuan ($ 229 billion) will be stored in the system, and the annual payment turnover will be 19 trillion yuan ($ 2.7 trillion).
The document also says that the digital yuan project will be able to successfully compete with existing cashless payment services, since it will offer similar opportunities with a higher level of anonymity and security..
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In addition, economists predict that in the long term, an innovative payment system will strengthen the position of banks, gradually expanding their customer base and taking away the retail finance market share from fintech companies.
Do not forget that in promoting the project interested in the Chinese government. The country’s regulators recently halted the IPO of Ant Group, Alibaba’s fintech arm, and the country’s national bank introduced a bill that should criminalize all private stablecoins backed by RMB.
text: Ivan Malichenko, photo: China Daily