How Central Banks are Becoming Direct Competitors to Commercial Banking

How Central Banks are Becoming Direct Competitors to Commercial Banking

The Digital Currency Race: When Central Banks Become Their Biggest Rivals A Radical Transformation of the Financial System  Central banks around the world have accelerated the development of digital versions of their national currencies in a race that is redrawing the map of global economic influence. Leading the way is China, which has launched the "digital yuan" on a large scale, encompassing more than 260 million users and $87 billion in transactions. While the United States has expedited the launch of its "FedNow" system to accelerate payments, it hesitates to launch a full-fledged digital currency for fear of disrupting its existing financial system. The Digital Yuan: A New Weapon in the Geopolitical Conflict The West's primary fear regarding the digital yuan is its potential use to circumvent US sanctions and the SWIFT system, which has been dominated by the West for decades. If countries like Russia, Iran, or some African nations trade using the digital yuan…