Main article: Digital Yuan
2023: Preparing the service for launch
The digital yuan is challenging the dominance of the US dollar in $7 trillion in daily currency flows and is rushing forward thanks to the mBridge project based on blockchain technology.
A Beijing-backed digital prototype that allows money to be funneled around the world without the services of American banks is evolving so rapidly that some European and American observers see it as a new rival to dollar payments in global finance.
The basic work product will likely be ready by the end of 2023, according to sources familiar with mBridge, which is being developed by China, Thailand, Hong Kong and the UAE.
This is a joint work with the Basel Bank for International Settlements (Switzerland) - the center of global cooperation of central banks.
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