Digital Fiats Will Help Us De-Dollarize, Claims Chinese Academic
Digital currencies will help China and its allies de-dollarize, a leading Chinese academic has claimed, as the nation continues to make CBDC progress.
The comments came from Huang Qicai, the Deputy Director of the Fujian Academy of Social Sciences in an opinion piece for Guangming Daily.
The column was republished by the People’s Daily, the official newspaper of the Chinese Communist Party.
Huang wrote that “the process of de-dollarization” was already underway in many nations.
He said this would eventually result in “world currency multi-polarization” as nations look to de-couple from the USD.
The academic said this would be “a long-term process,” but claimed that digital fiats, such as China’s digital yuan, would likely play a role.
He wrote that “international digital currencies” could “play” an “innovative role” in de-dollarization.
The academic explained:
“As digital currency applications continue to mature, a super-sovereign ‘world currency’ may appear in some form. This could become the new center of the international monetary governance system.”
But Huang stopped short of directly suggesting that the e-CNY could, or should, perform such a role – although his article did make note of the BRICS payment platform BRICS Pay.
BRICS Pay is an in-development digital payments platform.
Its masterminds claim that the platform will be both digitized and decentralized.
It remains to be seen if BRICS member states will seek to integrate their CBDC projects with BRICS Pay.
But the likes of China, Russia, and Brazil have made notable progress with their respective digital currency projects.
And Huang suggested that CBDCs could indeed play a role, provided interoperability issues could be addressed.
He wrote:
“Bilateral or multilateral
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