Best-selling author of ‘Cashless’ and ‘Innovation Lab Excellence’ Richard Turrin explains for The Paypers where we are in the CBDC journey, with a focus on China’s digital yuan
Payment digitalisation brought by COVID, the need to conduct cheaper, faster, and fraud-prone cross-border transactions, and the innovation brought by concepts such as stablecoins, crypto, and DeFi, are forcing financial institutions to modernise their infrastructure and adapt to a new way of conducting payments.
As such, central banks have started to intensify their work around developing and testing Central Bank Digital Currencies that might solve some of the needs mentioned above. There are now two live retail CBDCs in the world – in The Bahamas (Sand Dollar) and Nigeria (e-Naira) – and one coming soon in Jamaica. Also, there are many pilots and proofs of concepts, with central banks communicating publicly about their CBDC work.
To learn more about where we are in the CBDC journey, we have invited the Best-selling author of ‘Cashless’ and ‘Innovation Lab Excellence’ Richard Turrin.
‘Cashless’ dives deep into the design and use of China’s new central bank digital currency. This represents a roadmap for our shared digital currency future and a long-term threat to US dollar dominance. China is changing the very nature of money and borrowing heavily from cryptocurrency to cement its role as the world’s financial technology leader.
The book reveals how:
China’s digital currency can help you better predict and navigate the cashless future coming to the US—and the world
Your company may be tempted to use China’s digital currency to make cross-border payments
The EU, UK, Japan, and India are developing digital currencies
Digital payment will change our relationship with money and promote financial inclusion
Cashless offers a comprehensive analysis of China’s digital payment systems so that you can better prepare for the rise of digital currencies.
About Richard ‘Rich’ Turrin
Best-Selling Author, Fintech, Innovation, and AI Consultant
Rich Turrin is the international best-selling author of ‘Cashless - China’s Digital Currency Revolution’ and ‘Innovation Lab Excellence’. He is an Onalytica Top 100 Fintech Influencer and an award-winning executive previously heading fintech teams at IBM following a twenty-year career in investment banking. Living in Shanghai for the last decade, Rich experienced China going cashless first-hand.
To learn more about Richard visit www.RichTurrin.com.
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