FOF & FOB jointly hold a Seminar on Digital Finance [China’s Digital Yuan: Analysis and Opportunities for the Greater Bay Area]


Release date:2022/04/21
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On 20 April 2022, the Faculty of Finance and Faculty of Business of the City University of Macau jointly conducted an online seminar titled “China’s Digital Yuan: Analysis and Opportunities for the Greater Bay Area”. Dr Oriol Caudevilla, FinTech Advisor, Management & Strategy Consultant and Researcher, was invited to be the guest speaker of the online seminar. The seminar was moderated by Assistant Professor Di Li, Faculty of Finance, CityU Macau.

 

Dr. Caudevilla introduced the concept of the Central Bank Digital Currencies (CBDs). A CBDC is a new form of Central Bank money that is deemed as a means of payment, a legal tender, and a trustworthy store of value by all citizens, businesses and government agencies. CBDCs are backed by blockchain technology. To some extent, CBDCs potentially have features similar to cryptocurrencies, such as convenience and safety, and alongside the features of the traditional currencies under adequate regulation, circulated and backed by the reserve.

 

Dr. Caudevilla specifically pointed out that China is currently playing a leading role in the digital currency development. The Chinese Government has announced the commencement of the tests of the country’s central bank digital currency (CBDC), DCEP (Digital Currency Electronic Payment) or Digital Yuan, in four major metropolitans (Shenzhen, Suzhou, Chengdu and Xiong’an) in April, 2020. In 2022, during the day of the opening ceremony of the Beijing 2022 Winter Olympics, there were reportedly more transactions made in China’s CBDC were reported than through Visa. He believed that the Digital Yuan has created undeniable opportunities in Shenzhen and Hong Kong, even the GBA, which could be an important step to enhancing Digital Yuan as a payments currency in the global financial system.



 
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