China Floats The Idea Of “Asian Yuan” To Reduce Dependency On USD
The post China Floats The Idea Of “Asian Yuan” To Reduce Dependency On USD appeared first on Coinpedia Fintech News
The opinions of researchers Song Shuang, Liu Dongmin, and Zhou Xuezhi from the Chinese Academy of Social Sciences (CASS) were published in a September edition of the World Affairs journal, which suggested the introduction of an Asian yuan token would reduce Asia’s dependency on the USD.
The researchers stated that distributed ledger technology (DLT) would form the underpinning of the Asian token, which would be tethered to a bundle of 13 currencies, akin to similar existing and trialed central bank digital currencies (CBDCs).
According to the experts, the currencies would comprise those of all ten ASEAN (Association of Southeast Asian Nations) member countries, as well as the yuan of China, the won of South Korea, and the yen of Japan.
