Yaya Fanusie also believes that fears the Chinese CBDC would undermine or displace the U.S. dollar as the world's reserve currency are "overblown."
The deputy governor said bitcoin and stablecoins were investment options and not currency during the Boao Forum on Sunday.
Thiel's comments about China “weaponizing” bitcoin to hurt the U.S. are a warning about the cost of inaction.
The greenback has something else going for it cryptocurrencies don't: the bond market, notes Marc Chandler.
"Digital nature alone" will not be enough to give any one CBDC an edge as an international reserve asset, the BIS general manager asserts.
In order to support the retail payment system, the central bank has to step up its own digital yuan.
“The lack of privacy in the Chinese system is just not something we could do here,” Powell told a House committee.
The central bank needs to balance privacy for users with "international consensus" on risk control, the director of the PBoC's Digital Currency Research Institute said
The central bank digital currency is expected to be raised at China's biggest meetings of legislators later this week.
The two commercial banks join the six state-owned banks already participating in the CBDC trial.
It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.
From privacy to political power, China’s digital yuan will have far-reaching implications.
The wider effort to promote the digital currency precedes a launch in the "near future," per a state media report.