China's transition to a digital currency does it threaten dollarization?

Ahmet Faruk Aysan , Farrukh Nawaz Kayani
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Abstract

This article provides a detailed introduction to China's launching of a digital currency. We conduct a comparative analysis concerning whether digital currency is a more stable and reliable currency than cryptocurrency and investigate whether a digital renminbi (or yuan) could replace the US dollar as a medium of exchange in international transactions. China has gained a first-mover advantage by rolling out a central bank digital currency (CBDC). But the outcome will depend on the US response as well as the future evolution of the US and Chinese economies. Most other articles on this topic focus on domestic use of the Chinese CBDC. But this study is unique in analyzing the prospects of a digital renminbi as a replacement for the US dollar in international commerce.

中国向数字货币的转型会威胁到美元化吗?
本文详细介绍了中国推出数字货币的情况。我们对数字货币是否比加密货币更稳定可靠进行了比较分析,并研究了数字人民币(或人民币)是否可以取代美元作为国际交易中的交换媒介。通过推出央行数字货币(CBDC),中国获得了先发优势。但结果将取决于美国的反应,以及美国和中国经济的未来演变。关于这一主题的大多数其他文章都集中在中国CBDC的国内使用上。但这项研究在分析数字人民币在国际贸易中取代美元的前景方面是独一无二的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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